🚨 In a bold move, former U.S. President Donald Trump announced new 25% tariffs on all steel and aluminum imports into the United States. Speaking to reporters aboard Air Force One on his way to the NFL Super Bowl in New Orleans, Trump detailed his aggressive trade policy overhaul.
📅 The tariffs are set to take effect on Monday, with reciprocal tariffs following on Tuesday or Wednesday. \"If they charge us, we charge them,\" Trump declared, emphasizing a tit-for-tat approach to trade disputes.
🌍 The major targets include Canada, Brazil, Mexico, South Korea, and Vietnam—the largest sources of U.S. steel and aluminum imports. Notably, Canada supplies a whopping 79% of the U.S.'s primary aluminum imports.
🇨🇦 In response, Canadian Innovation Minister Francois-Philippe Champagne took to X (formerly Twitter) to defend Canadian exports: \"Canadian steel and aluminum support key industries in the U.S. from defense, shipbuilding, and auto. We will continue to stand up for Canada, our workers, and our industries.\"
🏭 Trump also addressed the investment landscape, stating that while Japan's Nippon Steel can invest in U.S. Steel, it won't be allowed to acquire a majority stake. \"Tariffs are going to make it very successful again, and I think it has good management,\" he added.
🔙 This isn't Trump's first rodeo with tariffs. During his first term, he imposed similar duties citing national security concerns but later allowed exemptions for certain countries like Canada, Mexico, and Brazil. His tariffs often sparked widespread opposition and retaliatory measures.
🤝 Under President Joe Biden, some of Trump's tariff exemptions continued, with new quotas extended to the European Union, Britain, and Japan.
Stay tuned as these new tariffs unfold and potentially reshape global trade dynamics! 🌐
Reference(s):
Trump to announce 25% steel, aluminum tariffs in trade escalation
cgtn.com
