Trump announces 25% aluminum and steel tariffs in latest trade escalation | Donald Trump
Donald Trump said on Sunday that he will announce 25% tariffs on all steel and aluminum imports on Monday, which will be another major upgrade to his trade policy overhaul, which will be in the present There are metal tariffs.
The U.S. president also said in a conversation with Air Force One reporter that he would announce reciprocity tariffs on Tuesday or Wednesday, which would take effect almost immediately.
“It's simple, it's, if they sue us, we'll sue them.” Trump said of the reciprocity tariff plan.
Trump imposed a 25% tariff on steel and 10% aluminum during his first term, but later granted quotas for duty for several trade partners, including Canada, Mexico and Brazil.
Joe Biden has expanded these quotas to the UK, Japan and the EU, and in recent years, capacity utilization of U.S. steel plants has declined. White House spokesman Karoline Leavitt said the new tariffs would be on top of existing steel and aluminum responsibilities.
Trump announced Friday that he will impose reciprocal tariffs this week – raising U.S. tariff rates match those of trading partners. He did not identify these countries, but would impose responsibilities “to make us evenly treated in other countries.”
Trump said during his flight to New Orleans to watch the Super Bowl, the U.S. may be less debt than expected, and said it could be due to fraud related to debt payments.
According to the U.S. Treasury Department, which plays a central role in the global financial system, the U.S. Treasury currently has $3.62 billion in public debt.
Trump has appointed billionaire Elon Musk's government efficiency team, causing the entire federal government to spend fraud and waste.
“We're even looking at the Treasury,” Trump told reporters aboard Air Force One on Sunday. “There could be a problem – you've been using Treasury to read about this issue, which could be an interesting question. ”
The audit conducted by Musk's efficiency team has disrupted the operations of several federal agencies.
Trump’s comments on potential fraud related to U.S. Treasury bonds on Sunday raised the question of what kind of action Musk’s team might take.
According to the government and the U.S. Steel Institute, the biggest sources of U.S. steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam.
Canada is the largest supplier of aluminum metals, accounting for 79% of total imports in the first 11 months of 2024. Mexico is the main supplier of aluminum scrap and aluminum alloys.
Trump has long complained that the EU's 10% tariff on auto imports is higher than 2.5% of U.S. car rate. He often points out that Europe “will not ride our cars” but rides the millions of West on the Atlantic every year.
However, the U.S. tariff rate on pickup trucks is 25%, a significant source of profit for U.S. operations by Detroit automakers General Motors GM.N, Ford FN and Stellantis.
According to World Trade Organization data, the average tariff rate for U.S. trade-weighted is about 2.2%, compared to 12%, Brazil is 6.7%, Vietnam is 5.1%, and EU countries are 2.7%.