Mon, 10 Feb 2025

Mon, 10 Feb 2025 Trump says he will announce raft of new trade tariffs

All steel and aluminium entering the US will be targeted with a 25% levy, the president says.

* US President Donald Trump has announced a 25% import tax on all steel and aluminum entering the US.
* The tariffs will have the biggest impact in Canada, which is the largest supplier of aluminum metal into the US.
* Trump also said he would announce reciprocal tariffs on countries that tax imports from the US later this week, but did not specify which nations would be targeted or if there would be any exemptions.
* Trump's comments caused stocks to fall for major South Korean steel and car makers, as well as Canadian Premier Doug Ford to criticize him for "shifting goalposts and constant chaos".
* Canada and Mexico are among the US's biggest steel trading partners.
* The move marks another escalation in Trump's trade policy, which has already sparked retaliation from China.
* Trump sees tariffs as a way of growing the US economy, protecting jobs, and raising tax revenue.
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