U.S. President Donald Trump signed executive orders imposing 25% tariffs on steel and aluminum imports, escalating a trade war despite global warnings. Canada, Mexico, Brazil, and South Korea are major steel suppliers affected by the tariffs.
United States President Donald Trump on Monday, February 10, 2025, fulfilled a campaign promise by imposing 25% tariffs on steel and aluminum imports. This move escalated a long-anticipated trade war despite warnings from Europe and China. The Republican president, who announced the policy on Sunday while traveling to the Super Bowl in Louisiana, signed executive orders implementing the tariffs.
Global stock markets initially experienced a surge as traders, seemingly exhausted by tariff discussions, appeared to downplay Trump's plans. 'It's 25% without exceptions or exemptions,' Trump stated, adding that he would consider imposing additional tariffs on automobiles, pharmaceuticals, and computer chips. Canada and Mexico, the largest steel importers to the United States, along with Brazil and South Korea, are major steel suppliers. Kevin Hassett, director of the National Economic Council, explained to CNBC that President Trump believes a strong domestic steel industry is essential for achieving an 'America First Golden Age.'Trump hinted at a possible exemption for Australia from the steel tariffs, acknowledging their trade surplus with the US due to substantial airplane purchases. He also promised an announcement on Tuesday or Wednesday regarding broader 'reciprocal tariffs' aimed at matching levies imposed by other governments on US products. Trump's move echoes his previous actions during his 2017-2021 presidency, where he implemented sweeping tariffs to protect American industries from perceived unfair competition from Asian and European nations. Canadian steelmakers expressed concern about 'massive' disruption, while the European Commission vowed to 'react to protect the interests of European businesses, workers, and consumers' from what they deemed unjustified measures.French President Emmanuel Macron, in an interview aired on Sunday, pledged to challenge Trump's broader tariff threats against the European Union, although he acknowledged the need for the US to prioritize its efforts against China. Approximately 25% of European steel exports are directed to the United States, according to consultancy Roland Berger. China, the world's second-largest economy, faced 10% tariffs on products entering the United States. Chinese Foreign Ministry spokesman Guo Jiakun emphasized that 'there is no winner in a trade and tariff war.'Trump stated that he had secured an agreement for Japan's Nippon Steel to make a significant investment in US steel production, opting against a takeover of the struggling firm. Trump, who champions a 'new golden age' for the United States, maintains that any tariff impact would primarily affect foreign exporters rather than US consumers. However, he acknowledged this month that Americans might initially experience economic 'pain' from the tariffs. Despite the tariff threat, Wall Street's major indices closed higher on Monday. London and Frankfurt set new records, while Hong Kong and Shanghai stocks also rose. Kathleen Brooks, research director at trading group XTB, attributed the upward trend in global equity indices to 'tariff fatigue.
TRUMP TARIFFS STEEL ALUMINUM TRADE WAR CHINA EUROPE CANADA MEXICO
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