Washington (AP) — President Donald Trump stated on Monday that the United States will apply 25% tariffs on all steel and aluminum imports, including those from Canada and Mexico, as well as other import penalties later this week.
“Any steel coming into the United States will be subject to a 25% tariff,” he told reporters on Air Force One Sunday as he headed from Florida to New Orleans for the Super Bowl. When asked about aluminum, he replied that “aluminum, too” will be subject to trade sanctions.
Trump also maintained that he will announce “reciprocal tariffs” — “probably Tuesday or Wednesday” — which means that the United States would slap import fees on products if another country imposed duties on US goods.
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” he told the audience.
Trump’s remarks are the latest indication of his willingness to threaten, and in some circumstances enforce, import levies. Tariffs will be implemented far earlier in his presidency than during his previous four years in office, when he prioritized tax reduction and regulatory reform.
Trump has argued that import taxes are a lever for forcing concessions on problems like immigration, as well as a source of income to help narrow the government’s budget deficit.
Financial markets tumbled on Friday after Trump originally announced the reciprocal tariffs. Stock prices fell as well, following a decrease in consumer mood on Friday, owing mostly to many respondents citing tariffs as a significant concern. According to the survey, Americans anticipate that the tariffs will lead inflation to rise in the following months.
On Sunday, Trump did not provide any information regarding the steel and aluminum tariffs, or the reciprocal taxes. Trump had earlier threatened 25% import duties on all commodities from Canada and Mexico, but he suspended them for 30 days just a week ago. At the same time, he imposed 10% taxes on Chinese imports.
However, on Friday, he announced that he would postpone duties on millions of little parcels, many of which come from fast-fashion companies like Temu and Shein, until customs authorities can figure out how to enforce them. The little packages were previously exempt from tariffs.
Some foreign trading partners expressed immediate concern in response to Trump’s latest remarks.
South Korea’s acting president, Choi Sang-mok, convened a meeting with the country’s senior foreign policy and trade officials on Monday to discuss how Trump’s proposed steel and aluminum tariffs might effect its industry.
Choi’s office, which also acts as the country’s finance minister, stated that officials addressed the potential impact and Seoul’s potential responses, but no specifics of the discussion were provided.
The stock prices of major South Korean steelmakers, such as POSCO and Hyundai Steel, fell when the market opened on Monday. From January to November last year, South Korea exported approximately $4.8 billion in steel to the United States, accounting for 14% of its total exports of the product during that time period.
