On Sunday, United States President Donald Trump come up with an announcement that his government is planning to impose 25% tariffs on aluminum and steel imports starting Monday. Trump stated, “Any steel coming into the United States will have a 25% tariff,” while speaking to reporters on Air Force One as he traveled from Florida to New Orleans for the Super Bowl. He responded on asking about aluminium, “Aluminum, too, will be subject to the trade penalties.”
Trump also said that he would impose reciprocal tariffs on countries that impose duties on American goods. “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” he told reporters.
Trump’s comments are the example of his way to threaten, and in some cases to impose, import taxes. Tariffs are coming much earlier in his presidency than during his previous four years in the White House. Trump has alternately said he sees import taxes as tools to force concessions on issues such as immigration, but also as a source of revenue to help close the government’s budget deficit.
Financial markets fell on Friday following Trump first said he would impose the reciprocal tariffs. Stock prices also dropped after a measure of consumer sentiment declined on Friday, because many respondents cited tariffs as a growing worry. The survey also found that Americans are expecting inflation to tick up in the coming months because of the duties. On Sunday, Trump did not offer any details about the steel and aluminum duties, or the reciprocal tariffs.
Previously threatened 25% import taxes on all goods from Canada and Mexico, though he paused them for 30 days barely a week ago. At the same time, he proceeded to add 10% duties on imports from China. Yet on Friday, he said he would also delay the tariffs on the millions of small packages often from fast-fashion firms such as Temu and Shein until customs officials can figure out ways to impose them. Previously, the small packages have previously been exempt from tariffs.
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