Trump says he will announce raft of new trade tariffs
President Donald Trump has said he will announce a 25% import tax on all steel and aluminium entering the US, a move that will have the biggest impact in Canada
Trump says he will announce raft of new trade tariffs President Donald Trump has said he will announce a 25% import tax on all steel and aluminium entering the US, a move that will have the biggest impact in CanadaTrump also said that there would be an announcement later in the week about reciprocal tariffs on all countries that tax imports from the US, but he did not specify which nations would be targeted, or if there would be any exemptions.
"If they charge us, we charge them," Trump said.He told reporters of his plans while traveling from his Mar-a-Lago resort in Florida to the Super Bowl in New Orleans on Sunday.Canada and Mexico are two of the US's biggest steel trading partners, and Canada is the biggest supplier of aluminium metal into the US.
During his first term, Trump put tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union Speaking aboard Air Force One, Trump said on Monday he would announce tariffs on "everybody" for steel and aluminium.
"Any steel coming into the United States is going to have a 25% tariff," he said.In response, Doug Ford, the premier of the province of Ontario, accused Trump of "shifting goalposts and constant chaos, putting our economy at risk" in an online post. Canada's steel production is concentrated in Ontario.Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenueHe also brought in new US levies of 10% on all Chinese goods coming into the US - prompting China to retaliate with its own import taxes on some American goods.
Trump also said he would announce more tit-for-tat tariffs on "Tuesday or Wednesday" and that they would take effect "almost immediately" after the announcement."The ones that are taking advantage of the United States, we're going to have reciprocal [tariffs]," he said. "It'll be great for everybody, including other countries
