President Donald Trump told reporters Sunday that he will formally announce plans for the U.S. to implement tariffs of 25% on imports of steel and aluminum, the first salvo in what could be the beginning of a trade war.
The president spoke aboard Air Force One with reporters as he traveled to New Orleans to watch the Super Bowl. Trump is due to watch the game alongside House Speaker Mike Johnson and Senate Majority Whip John Barrasso.
Levying of tariffs on steel and aluminum imports is a shot across the bow of its two North American neighbors, Canada and Mexico, which make up two of the largest sources of US steel imports. Other major trading partners include Brazil and South Korea.
“Any steel coming into the United States is going to have a 25% tariff,” Trump told reporters, according to the Associated Press. He added: “aluminum, too.”
Steel imports were hit with tariffs during Trump’s first term as well. An initial order implementing 25% tariffs on steel and 10% tariffs on aluminum was issued in March of 2018, and expanded to include the European Union, Canada and Mexico in June. Trump’s initial comments to reporters indicated that this latest round would affect export nations across the board, with no exclusions for America’s neighbors which have already engaged in back-and-forth tariff threats in the few weeks Trump has been in office.
The president further explained on Sunday that he would announce further tariffs in the coming days, this time targeting countries with existing duties on US exports.
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” said Trump, according to the AP.
Trump previously ordered that plans for tariffs on all imports from Canada and Mexico be delayed by one month as he seeks to renegotiate the USMCA agreement signed during his first term.