According to Reuters, U.S. President Donald Trump is set to announce on Feb. 10 a 25% new tariff on all steel and aluminum imports into the United States. Additionally, he will introduce reciprocal tariffs, which are expected to take effect immediately.
The report highlights that during his first term, Trump imposed a 25% tariff on steel and a 10% tariff on aluminum. However, he later granted exemptions to several trade partners, including Canada, Mexico, and Brazil. Former President Biden expanded these exemptions to include the UK, Japan, and the EU.
Data from the U.S. government and the American Iron and Steel Institute indicate that Canada, Brazil, and Mexico are the largest sources of steel imports for the U.S., followed by South Korea and Vietnam.
On Feb. 7, Trump mentioned announcing reciprocal tariffs applicable to all countries next week. The proposal to impose additional tariffs has faced widespread opposition, with many in the U.S. public expressing concern that these tariffs could impact economic growth and ultimately harm the U.S. itself. Chuck Schumer, the minority leader in the US Senate, led the charge by saying the president's threatened tariffs would likely "hit Americans in their wallets".
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