WASHINGTON — President Donald Trump announced that the U.S. will impose a 25% tariff on all imported steel and aluminum, including from Canada, effective Monday, with additional import duties to follow mid-week.
Speaking to reporters aboard Air Force One en route from Florida to New Orleans, Trump confirmed that both steel and aluminum imports would face the 25% tariff.
He further confirmed plans to introduce reciprocal tariffs, likely on Tuesday or Wednesday, targeting countries imposing tariffs on U.S. goods. The president emphasized that the U.S. would not tolerate unilateral trade imbalances.
He stated, “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,”
This announcement represents the latest escalation in Trump’s trade policies, marking a swift shift from his previous focus on tax cuts and deregulation. Trump has previously presented tariffs as tools to negotiate concessions or as a potential source of revenue to address the budget deficit.
Financial markets reacted negatively to Trump’s initial reciprocal tariff announcement. Stock prices also fell following a Friday consumer sentiment survey which showed growing concern over tariffs and anticipated inflation.
Trump provided no specifics regarding the steel and aluminum tariffs or the reciprocal tariffs. He had previously threatened 25% tariffs on all goods from Canada and Mexico, a threat later seemingly withdrawn, while simultaneously adding 10% duties on Chinese imports.
However, he announced Friday a temporary suspension of tariffs on smaller imported packages, frequently from companies like Temu and Shein, pending a review of customs procedures. These packages were previously exempt from tariffs.
Trump’s recent statements have prompted immediate concern amongst global trading partners.
South Korea’s acting president, Choi Sang-mok, convened a meeting of top foreign policy and trade officials to assess the potential impact of the tariffs on South Korean industries.
While the meeting addressed potential impacts and responses, specific details were not released publicly. Stock prices of major South Korean steel producers, including POSCO and Hyundai Steel, fell following the announcement. South Korea exported approximately $4.8 billion worth of steel to the U.S. from January to November of last year, representing 14% of its global steel exports for that period.
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Superville reported from aboard Air Force One. Associated Press writer Kim Tong-hyung in Seoul, South Korea, contributed to this report.
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