President Donald Trump said on Sunday that he would announce a 25% comprehensive tariff on steel and aluminum imports this week.
“Steel coming into the US will have a 25% tariff,” Trump told Air Force 1 reporters, adding that the same tariff would apply to aluminum.
“Aluminum too,” Trump added, when reporters asked him if that was also covered by tariffs.
Trump said it is likely that he will formally announce mutual tariffs on “all countries” on Tuesday or Wednesday, but the announcement regarding steel tariffs will occur on Monday. Mutual tariffs will come into effect “almost immediately,” he said.
“Very simply, if they charge us, we charge them,” he said.
Without naming a particular country, he showed that not all trading partners will be affected if they are satisfied with the current arrangement.
“There are places where we have similar tariffs, so that doesn’t affect everyone, but those who use the US will have mutual relations,” Trump later said. Added in the article and mention mutual customs duties.
The complete impact of mutual tariffs is vague as individual countries have different import policies. This is because it can be complicated by the needs to comply with other economic partnerships, such as the European Union. However, tariffs could ultimately affect major US trading partners such as Canada, Mexico, China, the EU and Japan.
Trump spoke to reporters on a flight to New Orleans on his Air Force 1 flight, where he watched the Super Bowl.
Trump often parses tariffs as fees paid by other countries. However, customs duties are paid by importers, which are US companies that import goods from overseas. In that case, businesses often pass high costs to consumers by hiking prices.
United Steelworkers Union did not immediately respond to requests for comment. It previously called for Trump to waive 25% tariff promises in Canada and Mexico.
“Assault in major allies like Canada is not the road ahead,” the coalition’s international president said this month.
Last year, Canada was the largest source of imported steel to the US, followed by Brazil, Mexico and South Korea, according to the Census Bureau.
The latest tariffs say the tariffs were a month behind last Monday after Trump closed two allies and US trading partners after he announced a 25% tariff on imports from Canada and Mexico. After I judge.
This month, Trump also enacted an additional 10% tariff on imports from China, urging China to implement retaliatory tariffs.
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