Pres. Donald Trump announced on Monday sweeping 25% tariffs on all steel and aluminum imports into the US, eliminating previous exemptions and quota deals that had been granted to various trading partners. He had signaled his intent to implement the new tariffs the day before.
The new tariffs, scheduled to take effect on March 4, will impact major US trading partners including Canada, Brazil, Mexico, and South Korea, with Canada accounting for nearly a quarter of US steel imports.
Trump plans to announce additional reciprocal tariffs on Tuesday or Wednesday, which would match other countries' tariffs on US goods dollar-for-dollar, stating "if they charge us, we charge them."
The steel and aluminum tariffs will end foreign dumping, boost domestic production, and secure critical industries as the backbone of America's economic and national security. These measures are essential to protect American workers and ensure the US never has to rely on foreign nations for critical materials.
The tariffs are unjustified taxes that will hurt businesses and consumers by raising costs and fueling inflation. They will disrupt deeply integrated international supply chains and damage long-standing trade relationships with key allies, ultimately harming both American and global economic interests.