Trump ramps up tariffs on all steel and aluminium imported to USA
Views : 144
Update time : 2025-03-12 16:39:41
President Donald Trump imposed a sweeping 25 per cent tariff on all steel and aluminium imported into the United States on Wednesday, a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.
It's the latest salvo in Trump's multifaceted tariff war aimed at correcting perceived trade imbalances and reigniting domestic manufacturing.
Hours before enacting the latest tariffs, Trump reversed a threat to double the rate on steel and aluminium from Canada, the US's top source of imports for the metals.
Instead, steel and aluminium from there will be subject to the 25 per cent levy.
"It may go up higher," Trump said Tuesday of the 25per cent tariff on all countries' steel and aluminium sent to the US at an event hosted by the Business Roundtable.
"The higher it goes, the more likely it is they're going to build," he said, referring to more companies moving their production to the US.
Trump backed off his threat to double the steel and aluminium tariff rates for Canada after Ontario Premier Doug Ford agreed to pause surcharges on electricity for US customers. READ MORE:Steel, aluminium tariffs 'completely unjustified' Albanese says
Ford and US Commerce Secretary Howard Lutnick announced they'd meet on Thursday, along with Canadian Finance Minister Dominic LeBlanc, to renegotiate the free trade treaty known as the USMCA.
The tariff on steel and aluminium marks the first time in Trump's second term that a tariff has been applied to all countries.
