Trump to announce 25% aluminium and steel tariffs as China’s levies against US come into effect
Trump to announce 25% aluminium and steel tariffs as China’s levies
against US come into effect
Donald Trump has said he will announce new 25% tariffs on all steel
and aluminium imports into the US on Monday that would affect
“everybody’, including its largest trading partners Canada and
Mexico, in another major escalation of his trade policy overhaul.
Trump’s pre-announcement came as China’s retaliatory tariffs,
announced last week, came into effect. The measures target $14bn
worth of products with a 15% tariff on coal and LNG, and 10% on crude
oil, farm equipment and some vehicles.
The US president, speaking to reporters on Air Force One on Sunday,
also said he would announce reciprocal tariffs – raising US tariff
rates to match those of trading partners – on Tuesday or Wednesday,
which would take effect “almost immediately”. “And very simply, it’s,
if they charge us, we charge them,” Trump said of the reciprocal
tariff plan.
Monday’s tariffs would come on top of existing metals duties.
The largest sources of US steel imports are Canada, Brazil and
Mexico, followed by South Korea and Vietnam, according to government
and American Iron and Steel Institute data.
By a large margin, Canada is the largest supplier of primary
aluminium metal to the US, accounting for 79% of total imports in the
first 11 months of 2024. Mexico is a major supplier of aluminium
scrap and aluminium alloy.
The move on steel and aluminium brought a swift reaction from Doug
Ford, the premier of the Canadian province of Ontario, who accused
the US president of “shifting goalposts and constant chaos” that
would put the economy at risk.
During his first term, Trump imposed tariffs of 25% on steel and 10%
on aluminium, but later granted several trading partners duty-free
quotas, including Canada, Mexico and Brazil.
Trump to announce 25% tariffs on steel and aluminium imports – video
Joe Biden extended these quotas to Britain, Japan and the European
Union, and US steel mill capacity utilization has dropped in recent
years. White House spokesperson Karoline Leavitt said that the new
tariffs would come on top of the existing duties on steel and
aluminium.
Trump’s rollout of tariffs has been widely criticised and prompted
volatile market reactions and fears of more to come. Beijing has
lodged a complaint with the World Trade Organization, but otherwise
has been muted in its response. The tariffs imposed by Trump are far
below the level he had threatened during the election campaign, and
analysts have said China was prepared for them.
Beijing’s actions – which also include investigations into several US companies including Google – were seen by analysts as measured and
allowing room for negotiation.
Amid wider pushback against Trump’s economic heavy-handedness, French President Emmanuel Macron warned in an interview broadcast on Sunday
that he was willing to go “head-to-head” on tariffs with the US
president. “I already did so, and I will did [sic] it again.”
Macron told CNN that the EU should not be a “top priority” for the
US, saying: “Is the European Union your first problem? No, I don’t
think so. Your first problem is China, so you should focus on the
first problem.”
Macron said tariffs would harm European economies but also the US,
given the level of economic ties. “It means if you put tariffs on a
lot of sectors, it will increase the costs and create inflation in
the US. Is it what your people want? I’m not so sure,” he said.
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He said the EU must be ready to react to US actions, but stressed
that the 27-nation bloc should mainly “act for ourselves”. “This is
why, for me, the top priority of Europe is competitiveness agenda, is
defence and security agenda, is AI ambition, and let’s go fast for
ourselves.
“If in the meanwhile, we have [a] tariff issue; we will discuss them
and we will fix it.”
Trump has long complained about the EU’s 10% tariffs on auto imports
being much higher than the US car rate of 2.5%. He frequently states
that Europe “won’t take our cars” but ships millions west across the
Atlantic every year.
The European Commission said on Monday it would react to protect EU interests, but said it would not respond until it had detailed or
written clarification of the measures. “The EU sees no justification
for the imposition of tariffs on its exports. We will react to
protect the interests of European businesses, workers and consumers
from unjustified measures,” the commission said in a statement.
German economy minister Robert Habeck said on Monday: “Europe must
and can only react unitedly and decisively to unilateral trade
restrictions. And we are prepared for this.”
A spokesman for Britain’s prime minister, Keir Starmer, said the UK
had not seen details of the proposed tariffs but was prepared for all developments. Industry body UK Steel said any tariffs would represent
a “devastating blow” to the sector, harming high-end steel exports to
the US, which is Britain’s second largest export market after the
European Union.
Trump has also flagged tariffs against Taiwan’s semiconductor
industry – which he has repeatedly and without evidence accused of
stealing US business. Taiwan now appears to be scrambling to prevent
that happening. This week senior economic officials will fly to the
US to meet their counterparts. Taiwan’s government and state-run
petroleum company are also reportedly taking steps to buy more US gas
and oil to reduce Taiwan’s trade surplus – a key factor cited by
Trump in enacting tariffs.
Financial markets were mostly muted in response to Trump’s comments
but gold reached a record high and aluminium prices rose on Monday.
The spot price of gold increased by more than 1% to $2,896 (£2,336)
an ounce, while aluminium rose 0.3% to $2,635 (£2,122) a tonne.
Reuters contributed to this report
JTEM wrote:
Trump to announce 25% aluminium and steel tariffs as China's levies
against US come into effect
Donald Trump has said he will announce new 25% tariffs on all steel
and aluminium imports into the US on Monday that would affect
"everybody', including its largest trading partners Canada and
Mexico, in another major escalation of his trade policy overhaul.
Trump's pre-announcement came as China's retaliatory tariffs,
announced last week, came into effect. The measures target $14bn
worth of products with a 15% tariff on coal and LNG, and 10% on crude
oil, farm equipment and some vehicles.
The US president, speaking to reporters on Air Force One on Sunday,
also said he would announce reciprocal tariffs - raising US tariff
rates to match those of trading partners - on Tuesday or Wednesday,
which would take effect "almost immediately". "And very simply, it's,
if they charge us, we charge them," Trump said of the reciprocal
tariff plan.
Monday's tariffs would come on top of existing metals duties.
The largest sources of US steel imports are Canada, Brazil and
Mexico, followed by South Korea and Vietnam, according to government
and American Iron and Steel Institute data.
By a large margin, Canada is the largest supplier of primary
aluminium metal to the US, accounting for 79% of total imports in the
first 11 months of 2024. Mexico is a major supplier of aluminium
scrap and aluminium alloy.
The move on steel and aluminium brought a swift reaction from Doug
Ford, the premier of the Canadian province of Ontario, who accused
the US president of "shifting goalposts and constant chaos" that
would put the economy at risk.
During his first term, Trump imposed tariffs of 25% on steel and 10%
on aluminium, but later granted several trading partners duty-free
quotas, including Canada, Mexico and Brazil.
Trump to announce 25% tariffs on steel and aluminium imports - video
Joe Biden extended these quotas to Britain, Japan and the European
Union, and US steel mill capacity utilization has dropped in recent
years. White House spokesperson Karoline Leavitt said that the new
tariffs would come on top of the existing duties on steel and
aluminium.
Trump's rollout of tariffs has been widely criticised and prompted
volatile market reactions and fears of more to come. Beijing has
lodged a complaint with the World Trade Organization, but otherwise
has been muted in its response. The tariffs imposed by Trump are far
below the level he had threatened during the election campaign, and
analysts have said China was prepared for them.
Beijing's actions - which also include investigations into several US
companies including Google - were seen by analysts as measured and
allowing room for negotiation.
Amid wider pushback against Trump's economic heavy-handedness, French
President Emmanuel Macron warned in an interview broadcast on Sunday
that he was willing to go "head-to-head" on tariffs with the US
president. "I already did so, and I will did [sic] it again."
Macron told CNN that the EU should not be a "top priority" for the
US, saying: "Is the European Union your first problem? No, I don't
think so. Your first problem is China, so you should focus on the
first problem."
Macron said tariffs would harm European economies but also the US,
given the level of economic ties. "It means if you put tariffs on a
lot of sectors, it will increase the costs and create inflation in
the US. Is it what your people want? I'm not so sure," he said.
skip past newsletter promotion
Sign up to Business Today
Get set for the working day - we'll point you to all the business
news and analysis you need every morning
Privacy Notice: Newsletters may contain info about charities, online
ads, and content funded by outside parties. For more information see
our Privacy Policy. We use Google reCaptcha to protect our website
and the Google Privacy Policy and Terms of Service apply.
after newsletter promotion
He said the EU must be ready to react to US actions, but stressed
that the 27-nation bloc should mainly "act for ourselves". "This is
why, for me, the top priority of Europe is competitiveness agenda, is
defence and security agenda, is AI ambition, and let's go fast for
ourselves.
"If in the meanwhile, we have [a] tariff issue; we will discuss them
and we will fix it."
Trump has long complained about the EU's 10% tariffs on auto imports
being much higher than the US car rate of 2.5%. He frequently states
that Europe "won't take our cars" but ships millions west across the
Atlantic every year.
The European Commission said on Monday it would react to protect EU
interests, but said it would not respond until it had detailed or
written clarification of the measures. "The EU sees no justification
for the imposition of tariffs on its exports. We will react to
protect the interests of European businesses, workers and consumers
from unjustified measures," the commission said in a statement.
German economy minister Robert Habeck said on Monday: "Europe must
and can only react unitedly and decisively to unilateral trade
restrictions. And we are prepared for this."
A spokesman for Britain's prime minister, Keir Starmer, said the UK
had not seen details of the proposed tariffs but was prepared for all
developments. Industry body UK Steel said any tariffs would represent
a "devastating blow" to the sector, harming high-end steel exports to
the US, which is Britain's second largest export market after the
European Union.
Trump has also flagged tariffs against Taiwan's semiconductor
industry - which he has repeatedly and without evidence accused of
stealing US business. Taiwan now appears to be scrambling to prevent
that happening. This week senior economic officials will fly to the
US to meet their counterparts. Taiwan's government and state-run
petroleum company are also reportedly taking steps to buy more US gas
and oil to reduce Taiwan's trade surplus - a key factor cited by
Trump in enacting tariffs.
Financial markets were mostly muted in response to Trump's comments
but gold reached a record high and aluminium prices rose on Monday.
The spot price of gold increased by more than 1% to $2,896 (œ2,336)
an ounce, while aluminium rose 0.3% to $2,635 (œ2,122) a tonne.
Reuters contributed to this report
I wanna suck black ass.
Trump to announce 25% aluminium and steel tariffs as China’s levies
against US come into effect
JTEM <jtem01@gmail.com> wrote in news:vod3f9$34tlp$4@paganini.bofh.team:
Trump to announce 25% aluminium and steel tariffs as ChinaÂ’s levies
against US come into effect
Which exempts all the products Trump
has made in China (clothes, Bibles, jewelry,
campaign banners).
What a coincidence.
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