President Donald Trump announced on Sunday that the United States will impose a 25% tariff on all steel and aluminum imports, including those from Canada and Mexico, as well as additional import duties later in the week. He also reaffirmed his intention to announce 'reciprocal tariffs' on goods from countries that levy duties on U.S. products.
President Donald Trump announced on Sunday that the United States will impose a 25% tariff on all steel and aluminum imports, including those from Canada and Mexico, as well as additional import duties later in the week. Trump made the announcement while boarding Air Force One, flying from Florida to New Orleans to attend the Super Bowl. When questioned about aluminum, he responded, 'aluminum, too' will be subject to the trade penalties.
Trump also reaffirmed his intention to announce 'reciprocal tariffs' — 'probably Tuesday or Wednesday' — meaning the U.S. would impose import duties on products from countries that have levied duties on U.S. goods. 'If they are charging us 130% and we're charging them nothing, it's not going to stay that way,' he told reporters. This is the latest example of Trump's willingness to threaten, and sometimes impose, import taxes. Tariffs are being implemented much earlier in his presidency than during his previous four years in the White House, when he prioritized tax cuts and deregulation. Trump has said he views import taxes as tools to compel concessions on issues like immigration, but also as a source of revenue to help close the government's budget deficit. Financial markets experienced a decline on Friday after Trump first announced his intention to impose reciprocal tariffs. Stock prices also dropped following a decline in a measure of consumer sentiment on Friday, largely because many respondents cited tariffs as a growing concern. The survey also found that Americans anticipate inflation to rise in the coming months due to these import duties. Trump did not provide any specifics about the steel and aluminum duties or the reciprocal tariffs on Sunday. Trump previously threatened a 25% import tax on all goods from Canada and Mexico, though he delayed them for 30 days just a week prior. At the same time, he imposed a 10% duty on imports from China. However, on Friday, he stated that he would also delay tariffs on millions of small packages — often from fast-fashion firms such as Temu and Shein — until customs officials can determine ways to implement them. These small packages had previously been exempt from tariffs
DONALD TRUMP TARIFFS STEEL ALUMINUM TRADE IMPORTS CANADA MEXICO CHINA RECIPROCAL TARIFFS ECONOMY FINANCIAL MARKETS
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