US President Donald Trump plans to announce new steel and aluminum tariffs on Monday, imposing a 25% surcharge on top of existing rates. The move comes as the US prepares for reciprocal tariffs from other countries.
Under the plan, importers of steel and aluminum products will have to pay an additional 25% of the existing tariff rate, which is currently around 10%. The exact impact on trade with Mexico and Canada remains unclear.
Trump stated that the US will match the rates set by its trading partners. This comes as tensions between the US and other countries continue to escalate in a series of trade disputes.
The announcement is expected to have significant implications for industries reliant on imported steel and aluminum, such as aerospace and automotive manufacturers.
Source: https://www.reuters.com/markets/commodities/trump-says-he-will-announce-25-steel-aluminum-tariffs-monday-2025-02-09