Feb 10, 2025 05:56 AM IST
US President Donald Trump said additional import duties that are expected to be disclosed later in the week
US President Donald Trump announced that on Monday the United States will impose a 25 per cent tariff on all steel and aluminum imports, including from Canada and Mexico along with additional import duties that are expected to be disclosed later in the week.
“Any steel coming into the United States is going to have a 25 per cent tariff,” Trump told reporters aboard Air Force One while en route from Florida to New Orleans for the Super Bowl. He also confirmed that aluminum would be subject to similar trade penalties, saying, “aluminum, too.”
The newly sworn in US President further emphasised plans to introduce “reciprocal tariffs” likely by Tuesday or Wednesday. This would mean imposing duties on foreign goods when other nations apply tariffs on US products.
“If they are charging us 130 per cent and we’re charging them nothing, it’s not going to stay that way,” Donald Trump said.
Markets react negatively
These comments reflect Donald Trump’s ongoing approach to using tariffs as both a bargaining tool and a method for generating revenue to address the government’s budget deficit. This marks a shift from his earlier presidency, when tax cuts and deregulation were his primary focus.
Financial markets reacted negatively to the tariff announcements last week, with stock prices declining after Donald Trump’s statement about reciprocal tariffs. Consumer sentiment also dropped, with many Americans expressing concerns over the potential inflationary effects of the duties, according to an Associated Press report.
While Donald Trump did not provide further specifics on the steel, aluminum, or reciprocal tariffs, he did note that he had previously delayed a 25 per cent tariff on all goods from Canada and Mexico. That pause had been set to last 30 days, and was announced just over a week ago.
Meanwhile, Donald Trump has already moved forward with a 10% tariff on imports from China.
On Friday, Donald Trump also revealed that tariffs on small packages—often imported by fast-fashion companies like Temu and Shein—would be postponed until customs authorities find a way to implement them. These smaller shipments had previously been exempt from tariffs.
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