Trump announces 25% steel and aluminum tariffs
(VOVWORLD) - US President Donald Trump said Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the US, on top of existing metals duties, in another major escalation of his trade policy overhaul.
 US President Donald Trump (Photo: REUTERS/VNA) |
He said he will announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately, applying to all countries and matching the tariff rate levied by each country.
During his first term Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted exemptions to several trading partners, including Canada, Mexico and Brazil. Mexico is a major supplier of aluminum scrap and aluminum alloy.
Former President Joe Biden negotiated duty-free quota arrangements with Britain, the European Union, and Japan. It was not immediately clear from Trump's announcement what will happen to those exemptions and quota arrangements.