US President Donald Trump declared on Monday that the US would apply a 25% tariff on all imports of steel and aluminum, including those from Canada and Mexico in addition to other import taxes that will likely be revealed later this week,
While traveling from Florida to New Orleans for the Super Bowl, Trump informed reporters on board Air Force One that any steel coming into the United States is going to have a 25% tariff. “Aluminum, too,” he added, confirming that aluminum will face comparable trade sanctions.
The US President, who was just sworn in, also emphasized his intention to implement “reciprocal tariffs,” probably by Tuesday or Wednesday. When other countries impose tariffs on US products, this would entail charging charges on foreign items.
“If they are charging us 130 per cent and we’re charging them nothing, it’s not going to stay that way,” Donald Trump said.
Donald Trump’s continued use of tariffs as a tool for negotiations and a way to raise money to close the government’s budget deficit is reflected in these remarks. This is a change from his last presidency, when his main priorities were deregulation and tax cuts.
The imposition of tariffs last week caused a negative reaction from financial markets, as stock prices fell following Donald Trump’s remarks regarding reciprocal penalties. Consumer mood also declined, as many Americans voiced worry about the tariffs’ possible impact on inflation, according to a media report.
Although Donald Trump did not elaborate on the reciprocal, steel, or aluminum taxes, he did mention that he had previously postponed a 25% tariff on all goods coming from Mexico and Canada. That suspension was announced just over a week ago and was scheduled to run for 30 days.
Donald Trump, meanwhile, has already taken action by imposing a 10% tariff on Chinese goods.
Donald Trump also said on Friday that he would delay the implementation of duties on small packages, which are frequently imported by fast-fashion retailers such as Temu and Shein. Previously, these smaller shipments were not subject to duties.
