US Pres. Donald Trump told reporters on Air Force One on Sunday that he will implement a 25% tariff on all steel and aluminum imports. The formal announcement is scheduled for Monday.
On his way from Florida to New Orleans, Trump said: "Any steel coming into the United States is going to have a 25 percent tariff. Aluminum, too." Canada is one of the largest suppliers of aluminum to the US.
In addition, he plans to announce "reciprocal tariffs," which would match US tariff rates to those of trading partners, stating, "If they are charging us 130% and we're charging them nothing, it's not going to stay that way."
The tariffs are essential for protecting American industry and ensuring fair trade practices. The current system allows other countries to take advantage of the US through unfair practices, and these measures will level the playing field for US firms and reduce dependence on foreign steel and aluminum.
These tariffs will harm the global economy and trigger retaliatory measures from trading partners. The measures will increase costs for US manufacturers, potentially lead to job losses in steel-using industries, and risk sparking a broader trade war that could damage international economic cooperation.