Trump to impose 25% tariffs on US steel and aluminum imports.

 

President Donald Trump announced on Sunday, February 9 that the United States will impose 25 percent tariffs on steel and aluminum imports this week. Trump said that the tariffs would be imposed on 'any steel coming into the United States', as well as aluminum imports, while speaking to reporters aboard Air Force One. The announcement is a continuation of his protectionist trade policies, which are meant to protect US industries from unfair competition.

 

In his first term, Trump implemented tariffs that were similar and targeted Asian and European nations. The new measures are expected to have an impact on Canada, along with Brazil, Mexico, and South Korea. In recent weeks, Trump has already threatened to impose tariffs on Canada.

 

On Sunday, February 9, Trump also revealed plans for'reciprocal tariffs,' which he said would align with the rates charged by other countries on US products. He stressed that every country will have reciprocity, and that more details will be announced by midweek.

 

The strategic use of tariffs by Trump is not new. He imposed levies on trade partners such as China, Mexico, and Canada shortly after taking office. Despite temporarily halting 25-percent tariffs on Canada and Mexico to combat fentanyl trafficking and undocumented migration, the tariffs on Chinese imports continued. China's products have been subjected to an additional 10% tax, and Beijing has responded by imposing targeted tariffs on $14 billion worth of US goods, such as coal and liquefied natural gas. Chinese products worth $525 billion are affected by Trump's tariffs.

 

Trump's tariff plans have been criticized by French President Emmanuel Macron, who urged the US to focus its trade efforts on China instead of the European Union. In a CNN interview, Macron warned that tariffs on Europe would cause inflation and increase costs for American consumers. Regardless, Trump has promised new tariffs on the EU and warned Japan of possible levies if Tokyo doesn't resolve the US trade deficit with Japan.

 

Trump's push for a 'new golden age' for the American economy was fueled by the US trade deficit extending to nearly $920 billion last year. Trump insists that tariffs will be imposed on foreign exporters, not US consumers, despite widespread disagreement from experts. He acknowledges that these measures could cause economic pain for Americans.

 

Trump's tariffs have also been a tool in achieving broader policy objectives. He made a threat to Colombia with tariffs after it refused to allow US military planes carrying deported migrants. The Colombian government ultimately complied after a standoff.