US President Donald Trump has signed proclamations raising the US tariff rate on aluminum to 25% from 10%, eliminating country exceptions and quota deals. The measures, set to take effect on March 12, will apply to steel and aluminum imports from Canada, Brazil, Mexico, South Korea, and other countries.
The European Union (EU), Canada, and Mexico have condemned the US decision, calling it “unfair” and “not justified”. EU President Ursula von der Leyen said the bloc would take “firm and proportionate countermeasures”, while Canadian Prime Minister Justin Trudeau vowed to defend against the tariffs. Mexican Economy Minister Marcelo Ebrard described the tariff increase as a “trade war”.
The move is expected to simplify tariffs on steel and aluminum, but experts warn that it will harm businesses and consumers. The EU has been considering reactivating tariffs imposed in 2018, which could add an extra layer of complexity to trade relations.
Trump stated that the new tariffs are necessary to curb US imports of minimally processed Chinese and Russian metals. However, China is not a significant exporter of steel to the US, while Russia’s exports have been minimal. The move has sparked fears of a global trade war, with many countries expressing concern about the impact on their economies.
As the situation continues to unfold, one thing is clear: the new tariffs will have far-reaching consequences for businesses and trade relations across the globe.
Source: https://www.reuters.com/markets/eu-readies-response-trump-hikes-steel-aluminium-tariffs-2025-02-11