Steel And Aluminum Receives A 25% Tariff From President Trump
President Trump has imposed a 25% tariff on both steel and aluminum, including Canada and Mexico, and claims more tariffs are in the works.
On Monday, February 10th, President Trump announced that the US would be implementing a 25% tariff on all steel and aluminum imports.
“Any steel coming into the United States is going to have a 25% tariff,” Trump told reporters on Feb. 9. “Aluminum, too will be subject to the trade penalties,” he went on to say from Air Force One, on his way to watch the Super Bowl.
Trump’s Plan
Along with import taxes on steel and aluminum, President Trump also announced that he will be implementing “reciprocal tariffs” in the near future. In Trump’s words, “Very simply, it’s if they charge us, we charge them.” He elaborated further by saying, “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way.”
When asked when he planned to go through with this he responded, “Probably Tuesday (Feb 11th) or Wednesday (Feb 12th).”
This comes after another announcement from the President on February 1st, announcing an additional 25% import tax on Canadian and Mexican goods. He later delayed these tariffs to take effect in March. However, he went on to impose a 10% additional tariff on Chinese goods that went into effect last week.
Trump spoke out about his imposing reciprocal tariffs on February 7th, and the effects were felt immediately.
Financial markets fell and stock prices dropped as consumer sentiment declined. Many who responded cited the worries of tariffs as a cause.
But it’s not just steel and aluminum that face new tariffs.
President Trump also has spoken about wanting to impose taxes on small packages. These have historically been exempt from tariffs until now. However, he has delayed these tariffs until customs officials can figure out a reasonable way to implement them.
Steel And Aluminum Tariff Sparks Concern In South Korea
Choi Sang-mok, the President of South Korea, held a meeting on February 10th regarding President Trump’s new tariffs. The country’s top foreign policy and trade officials attended.
This meeting aimed to discuss how Trump’s new taxes on steel and aluminum would affect its industries. They claim to have discussed the potential impact and what Seoul’s possible response would be. However, they did not provide any specific details that were discussed during the meeting.
South Korea shipped approximately $4.8 billion worth of steel to America last year from January to November.
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