– President Donald Trump says he does not intend to create exemptions on sweeping steel and aluminum tariffs and reaffirmed that additional duties will go into effect early next month.
Speaking to reporters aboard Air Force One late Sunday, Trump said the 25% tariffs on all steel and aluminum imported into the U.S. that went into effect last week are here to stay. He added that reciprocal and sectorial tariffs will kick in on April 2, which he called a “liberating day.”
“They charge us, and we charge them,” Trump said, referring to the reciprocal tariffs. “Then, in addition to that, on autos, on steel, on aluminum, we’re going to have some additional tariffs.”
Trump raised steel and aluminum tariffs to a flat 25%, without exceptions, in a move he said will boost domestic industry. After those tariffs were imposed, Canada and the European Union retaliated with countermeasures on U.S. exports.
The back-and-forth has sparked uncertainty that has driven volatility in the stock market and fueled fears of a recession. Adding to those fears, Trump and members of his Cabinet have consistently declined to rule out the possibility of a recession this year.
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