Economy Update
US President Donald Trump announced plans to implement a 25 percent tariff on all steel and aluminum imports into the United States.
Speaking to reporters aboard Air Force One, Trump indicated that additional tariffs would be unveiled as part of reciprocal measures on either Tuesday or Wednesday, with implementation expected to begin almost immediately.
During his initial term, Trump enacted a 25 percent tariff on steel and a 10 percent tariff on aluminum imports, although he subsequently granted several trading partners, including Canada, Mexico, and Brazil, exemptions.
Former President Joe Biden subsequently extended these tariffs to encompass the United Kingdom, Japan, and the European Union, amidst a decline in the production capacity of US steel mills in recent years.
White House spokesperson Caroline Levit confirmed that the new tariffs will be cumulative with existing duties on steel and aluminum imports.
On Friday, Trump indicated that tariffs would be levied on various countries within the week, although specific nations were not identified. He emphasized that these tariffs would remain in place “until we achieve equal treatment with other countries.”
This initiative aligns with Trump’s commitment made during his campaign to impose tariffs on foreign imports that are commensurate with fees levied by trading partners on US exports.
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