On Sunday, February 9th, U.S. President Donald Trump said he will introduce new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties, in another major escalation of his trade policy overhaul.
(REUTERS).- Trump, speaking to reporters on Air Force One on his way to the NFL Super Bowl in New Orleans, said he will announce the new metals tariffs on Monday, February 10th.
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.
The largest sources of U.S. steel imports are Canada, Brazil, and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data.
By a large margin, hydropower-rich Canada is the largest supplier of primary aluminum metal to the U.S., accounting for 79% of total imports in the first 11 months of 2024.
“Canadian steel and aluminum support key industries in the U.S. from defense, shipbuilding, and auto,” Canadian Innovation Minister Francois-Philippe Champagne posted on X.
“We will continue to stand up for Canada, our workers, and our industries.”
Trump also said that while the U.S. government would allow Japan’s Nippon Steel (5401.T, NPSCY) to invest in US Steel (X), 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 U.S. Steel.
Nippon Steel declined to comment on the latest announcements from Trump.
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