Today's Video Headlines: 02/09/25
President Donald Trump said on Sunday he will introduce new 25% tariffs on all steel and aluminum imports into the US, on top of existing metals duties, in another major escalation of his trade policy overhaul.
The largest sources of US steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data.Carl's Jr. Super Bowl ad brings back bikini-clad burger models after yearslong clampdownBy a large margin, hydropower-rich Canada is the largest supplier of primary aluminum metal to the US, accounting for 79% of total imports in the first 11 months of 2024.
Former President Joe Biden later negotiated duty-free quota arrangements with Britain, the European Union and Japan. It was not immediately clear from Trump’s announcement what will happen to those exemptions and quota arrangements. Steel mill capacity usage jumped to levels above 80% in 2019 after Trump’s initial tariffs, but has fallen since then as China’s global dominance of the sector has pushed down steel prices. A Missouri aluminum smelter revived by the tariffs was idled last year by Magnitude 7 Metals.
Trump has threatened to impose tariffs of 25% on all Mexican and Canadian imports unless America’s two largest trading partners take stronger actions.
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