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Reuters

US President Donald Trump said on Sunday he would introduce new 25 per cent tariffs on all steel and aluminium imports into the US, on top of existing metals duties, in another major escalation of his trade policy overhaul.
Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he would announce the new metals tariffs on Monday.
He also said he would announce “reciprocal” tariffs on Tuesday or Wednesday, to take effect almost immediately, applying them to all countries and matching the tariff rates levied by each country.
“And very simply, it’s, if they charge us, we charge them,” Trump said of the reciprocal tariff plan.

A Canadian government source told Reuters that Ottawa would not react to Trump’s steel and aluminium tariff announcement until it has more information or sees a written order from Trump.
Trump also said that while the US government would allow Japan’s Nippon Steel to invest in US Steel, it would not allow this to become a majority stake.
“Tariffs are going to make it very successful again, and I think it has good management,” Trump said of US Steel.
Nippon Steel declined to comment on the latest announcements from Trump.
Trump during his first term imposed tariffs of 25 per cent on steel and 10 per cent on aluminium, but later granted several trading partners duty-free exemptions, including Canada, Mexico and Brazil.
Former president Joe Biden later 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.




Steel mill capacity usage jumped to levels above 80 per cent in 2019 after Trump’s initial tariffs, but has fallen since then as China’s global dominance of the sector has pushed down steel prices. A Missouri aluminium smelter revived by the tariffs was idled last year by Magnitude 7 Metals.
According to government and American Iron and Steel Institute data, the largest sources of US steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam.
Trump said he would hold a news conference on Tuesday or Wednesday to provide detailed information on the reciprocal tariff plan, adding that he first revealed on Friday that he was planning reciprocal tariffs to ensure “that we’re treated evenly with other countries”.
The new US president has long complained about the EU’s 10 per cent tariffs on auto imports being much higher than the US car rate of 2.5 per cent. He frequently states that Europe “won’t take our cars” but ships millions west across the Atlantic every year.
The US, however, enjoys a 25 per cent tariff on pickup trucks, a vital source of profits for Detroit carmakers General Motors, Ford and Stellantis’ US operations.
The US trade-weighted average tariff rate is about 2.2 per cent, according to World Trade Organization data, compared to 12 per cent for India, 6.7 per cent for Brazil, 5.1 per cent for Vietnam and 2.7 per cent for European Union countries.
In a separate Fox News interview, Trump said Canada’s and Mexico’s actions to secure their US borders and halt the flow of drugs and migrants are insufficient ahead of a March 1 tariff deadline.
Trump has threatened to impose tariffs of 25 per cent on all Mexican and Canadian imports unless America’s two largest trading partners take stronger actions. He paused the tariffs until March 1 after some initial border security concessions from the two countries, with Mexico pledging to add 10,000 National Guard troops to its border and Canada deploying new technology and personnel and taking new anti-fentanyl steps.
Asked whether Mexico’s and Canada’s actions were good enough, Trump replied: “No, it’s not good enough,” Trump said. “Something has to happen, it’s not sustainable, and I’m changing it.”
Trump did not say what Canada and Mexico needed to do to avoid broad tariffs on March 1.
En route to the Super Bowl, Trump flew over the Gulf of Mexico, which he has ordered renamed the “Gulf of America”, and signed a proclamation recognising February 9 as “Gulf of America Day”.


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United States & Canada

The US president also confirmed his plan to announce further ‘reciprocal’ tariffs this week


The US president also confirmed his plan to announce further ‘reciprocal’ tariffs this week.
