Trump said he will announce 25% steel and aluminum tariffs on Monday and that import tariffs will grow
WASHINGTON (AP) – President Donald Trump said he will announce on Monday that the U.S. will impose 25% tariffs on all steel and aluminum imports, including Canada and Mexico, as well as other imports later this week tariff.
“Any steel entering the U.S. will have a 25% tariff,” he told reporters on Air Force One on Sunday. When asked about aluminum, he replied: “Aluminum will also be subject to trade penalties.
Trump also reiterated that he would announce “reciprocal tariffs” (probably Tuesday or Wednesday), meaning that if another country imposes tariffs on U.S. goods, the United States will impose import tariffs on products.
Trusted news and daily joy are in your inbox
Watch it for yourself – Yodel is the go-to for daily news, entertainment and feel-good stories.
“If they charge us 130% and we have nothing, that wouldn’t be the case,” he told reporters.
Trump’s comments are the latest example of his willingness to threaten, with import taxes imposed in some cases. The tariffs on presidency were much earlier than his first four years at the White House, when he prioritized tax cuts and deregulation. Trump’s substitute said he believes import taxes are a tool for forcing concessions on issues such as immigration and a source of income that helps eliminate government budget deficits.
Financial markets fell on Friday after Trump said for the first time that he would impose reciprocity tariffs. Shares also fell after the volume of consumer sentiment fell on Friday, mainly because many respondents saw tariffs growing concerns. The survey also found that Americans expect inflation to increase in the coming months due to their duties.
Trump did not provide any details on steel and aluminum tariffs or reciprocal tariffs on Sunday. Trump has previously threatened to impose a 25% import tax on all goods in Canada and Mexico, although he had been shut down for almost 30 days a week ago. Meanwhile, he began to increase the 10% tariff on imports from China.
However, on Friday, he said he would also postpone the tariffs on millions of small packages — often from fast fashion companies like Temu and Shein until customs officials can figure out how to impose them. These small packages were previously tax-free.
___
Associated Press writer Darlene Supperille boarded Air Force One and contributed to the report.
