Donald Trump to announce raft of new trade tariffs including on steel

Former U.S. President Donald Trump has stated that he will announce a 25% import tax on all steel and aluminum entering the United States. This move is expected to have the greatest impact on Canada, as it is one of the United States' largest trading partners for steel and aluminum.

Trump also stated that he will announce reciprocal tariffs later this week on all countries that tax goods imported into the United States. However, he did not specify which countries would be targeted, nor did he indicate whether there would be any exemptions. Trump emphasized, "If they charge us, we will charge them."

Trump revealed this plan to reporters on Sunday while en route from his Mar-a-Lago estate in Florida to New Orleans to watch the Super Bowl. Previously, during his first term, Trump imposed a 25% tariff on steel imports and a 10% tariff on aluminum imports from Canada, Mexico, and the European Union. While the United States later reached agreements with Canada and Mexico to eliminate these tariffs, the import taxes on the EU remained in place until 2021.

Following the announcement, Ontario Premier Doug Ford took to social media to accuse Trump of "constantly changing the rules, creating chaos, and putting our economy at risk." Shares of major South Korean steel and auto manufacturers also fell in response. Australian Prime Minister Anthony Albanese stated that his government would be "making representations" to the United States, hoping that Australia could obtain an exemption from the steel and aluminum tariffs, as it did during Trump's first term. Albanese also revealed that he has scheduled a meeting with the U.S. President.

Trump's move marks another significant escalation in his trade policy, which has previously triggered retaliation from China. Tariffs are a central component of Trump's economic vision, which he believes are a means of promoting U.S. economic growth, protecting jobs, and increasing tax revenue. Furthermore, Trump also signed a proclamation en route to New Orleans declaring February 9th as "Bayou Americas Day" to celebrate his order to rename the Gulf of Mexico. He also reiterated his claims about the United States potentially taking over Canada and the Gaza Strip.