On Monday, President Donald Trump will declare that he would impose a 25% tariff on all steel and aluminum imported into the United States.
Trump told reporters on Sunday while on Air Force One, “Any steel coming into the United States is going to have a 25% tariff.” “Aluminum as well.”
He stated that both imports will be subject to a 25% duty.
After Trump announced on Friday that he would be introducing what he calls “reciprocal tariffs” on a number of countries this week “so that we’re treated evenly,” the announcement was made.
He stated, “To put it simply, if they charge us, we charge them,” when he spoke to reporters on Sunday.
He stated that such reciprocal tariffs would be announced on either Tuesday or Wednesday and would take effect “almost immediately.”
He stated, “It’ll be great for everyone, including the other countries.”
“It’s reciprocity. It’s reciprocal.”
Trump did not provide any additional information regarding the so-called reciprocal tariffs, nor did he explain whether or not the 25% duties on aluminum and steel were included in them.
The real estate billionaire from New York often considers tariffs to be a possible way to fix what he believes are trade imbalances with other nations. However, if this action is carried out, it frequently results in retaliatory tariffs.
A one-month delay on the implementation of 25% tariffs on both Canada and Mexico was announced earlier this month.
Trump stated that the tariffs would be imposed in response to the flow of medicines from foreign countries into the United States.
Both countries have warned to impose retaliatory tariffs on the United States if Trump goes through with his economic measures, while also offering compromises about the border.
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Mexico announced that it would send 10,000 soldiers to its northern border with the United States. Canada, on the other hand, highlighted the border measures it was already doing and declared that it would establish a so-called “border czar.”
Earlier this month, Trump imposed a 10% tax on China, which resulted in a variety of retaliatory economic actions, such as levies on dozens of American items and an anti-monopoly inquiry against Google.
Trump signed a proclamation during his first term that imposed a 25% tariff on steel that was imported and a 10% tax on aluminum.
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The introduction of tariffs on steel and aluminum could have a negative effect on the stock market.
This is because consumer mood in the United States has already decreased this month due to concerns about the impact of Trump’s economic policies on major trading partners of the United States.
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