Former U.S. President Donald Trump has announced a 25% tariff on all steel and aluminum imports, including those from Canada and Mexico. Speaking aboard Air Force One while traveling from Florida to New Orleans for the Super Bowl, Trump confirmed that aluminum would also face similar trade restrictions.
“Any steel coming into the United States is going to have a 25% tariff,” he stated. “Aluminum, too.”
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Introduction of ‘Reciprocal Tariffs’
Trump further emphasized plans to introduce “reciprocal tariffs” as early as Tuesday or Wednesday. Under this policy, the U.S. would impose duties on foreign goods when other nations apply tariffs on American products.
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” he warned.
Stock Market Reacts Negatively
The announcement triggered a negative response from financial markets, with stock prices declining following Trump’s statement. Many Americans expressed concerns over potential inflationary effects, as reported by the Associated Press.
This tariff strategy marks a shift in Trump’s economic approach, moving from tax cuts and deregulation towards trade protectionism to address the government’s budget deficit.
Delays in Other Tariff Plans
While providing limited details on the newly imposed tariffs, Trump acknowledged that he had previously delayed a 25% tariff on all goods from Canada and Mexico. Initially set to last for 30 days, this pause was announced just over a week ago.
Meanwhile, a 10% tariff on Chinese imports has already been implemented. Trump also revealed that tariffs on small package imports—a move targeting fast-fashion retailers like Temu and Shein—would be postponed until U.S. customs authorities devise an enforcement strategy.
With trade tensions escalating, analysts predict further economic uncertainty as businesses and consumers brace for the impact of these new tariffs.
