(VOVWORLD) -US President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% "without exceptions or exemptions" on the grounds of protecting American industries and national security. The measures will take effect on March 4.
President Donald Trump at the Oval Office on February 10, 2025 (Photo: Reuters) |
President Trump cast the effort as one that will bolster domestic production and bring more jobs to the US, and warned that the rate of metal tariffs may go higher. Commerce Secretary Howard Lutnick said the strengthened tariffs will bring 120,000 jobs back to the United States.
Trump raised the US tariff rate on aluminum to 25% from his previous 10% rate imposed in 2018. The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the US duty free. President Trump also will impose a new standard requiring steel imports to be "melted and poured" and aluminum to be "smelted and cast" within North America.
He said, "Our nation requires steel and aluminum to be made in America, not in foreign lands. We need to create in order to protect our country's future resurgence of US manufacturing and production, the likes of which has not been seen for many decades."
The Association for Iron & Steel Technology says Canada, Brazil, Mexico, and South Korea are the US's top steel suppliers. After the US decision, Canadian Minister of Innovation, Science and Industry Francois-Philippe Champagne vowed on social media to protect Canadian workers and industries.
A steel plant worker in Monterrey, Mexico (Photo: Getty Images/ VNA) |
Media reported on Monday that the Brazilian government plans to tax US technology companies if President Trump follows through with his tariff plan. The report, which cites a Brazilian authority who declined to be named, says Amazon, Meta Platforms, Facebook, Instagram, and Alphabet's Google could face potential Brazilian levies.
On Monday South Korea's acting President Choi Sang-mok discussed responses to President Trump's proposed tariffs on steel and aluminum, while the European Union said it will not hesitate to retaliate if President Trump imposes any new tariffs.