US President Donald Trump said he will announce a new 25% tax on all steel and aluminum imported into the US market on February 10 (local time).
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The US is expected to announce a 25% tariff on imported steel and aluminum. (Source: FreightWave) |
The tariffs would come on top of existing duties on metals in another major escalation of his trade policy overhaul.
Speaking to reporters on Air Force One on February 9, President Trump also said he would announce the "reciprocal" reciprocal tariffs on February 11 or February 12, taking effect almost immediately.
White House spokeswoman Karoline Leavitt said the new tariffs would be in addition to existing tariffs on steel and aluminum.
During his first term, Mr. Trump imposed tariffs of 25% on steel and 10% on aluminum, but later granted tariff-free quotas to some trading partners, including Canada, Mexico and Brazil.
Former President Joe Biden extended the quota to the UK, Japan, the European Union (EU), and US steel mill capacity utilization has fallen in recent years.
Global trade tensions have escalated in recent weeks, as US President Donald Trump signed an executive order imposing a 25% tariff on goods from Canada and Mexico and a 10% tariff on Chinese goods.
However, on February 3, he announced a delay in imposing import tariffs on Mexico and Canada, after reaching an agreement to tighten smuggling and immigration activities with these two countries.
US import tariffs on China remain in effect since February 4. China immediately retaliated with tariffs of 10-15%. It also launched an antitrust investigation into Google, tightened export controls on a range of key metals and blacklisted two US companies.
Source: https://baoquocte.vn/cuoc-dai-tu-chinh-sach-thuong-mai-cua-ong-trump-co-buoc-tien-moi-303769.html
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