President Trump plans to implement 25% tariffs on all imported steel and aluminum, aiming to protect domestic industries. The tariffs are expected to impact various sectors, including energy, and trigger retaliatory measures from trading partners. Global markets are closely monitoring the situation as trade tensions escalate.
US President Donald Trump has stated his intention to announce 25 percent tariffs on all imported steel and aluminum today. In a statement to reporters aboard Air Force One yesterday, President Trump clarified that these tariffs will encompass metal imports from all countries. However, he did not disclose the specific date when these duties would take effect.
Furthermore, the President indicated that he would unveil reciprocal tariffs later this week targeting countries that impose taxes on US imports. While these retaliatory tariffs will not be implemented simultaneously with the announcement, which is anticipated to occur on Tuesday or Wednesday, they are expected to take effect shortly thereafter.The potential imposition of steel tariffs could have a cascading effect on various US energy businesses, from wind energy developers to oil drilling companies that rely on specialized grades of steel not domestically produced. Many steel and aluminum buyers and sellers had been under the impression that they would have at least until March to prepare for any tariff implementation. President Trump previously delayed tariffs originally scheduled for February 1st when Mexico and Canada presented modest proposals to enhance border security. It remains unclear whether these tariffs would still apply to Mexico and Canada, as both nations are significant suppliers of metals to the United States. The full scope of President Trump's tariff aspirations remains ambiguous. He has also expressed intentions to impose tariffs on other goods, including pharmaceuticals, oil, and semiconductors, and has indicated consideration of import duties on European Union imports. Last week, President Trump implemented a 10 percent tariff on Chinese goods. In response, Beijing announced retaliatory measures slated to take effect later this month, targeting only US-imported goods valued at $14 billion in 2024. This approach represents a more measured response from China compared to the tit-for-tat trade levies that characterized the first term of President Trump's administration, when the world's two largest economies engaged in protracted trade disputes
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