Trump says he will announce raft of new trade tariffs

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, and also the largest supplier of aluminum to the U.S.

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

These remarks have drawn attention from various parties. Ontario Premier Doug Ford of Canada 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, reflecting market concerns about Trump's trade policies.

Trump's move marks another significant escalation of his trade policy, following similar measures he has taken against China, which have triggered retaliation from China. Trump believes that tariffs are an effective means of promoting U.S. economic growth, protecting jobs, and increasing tax revenue. Furthermore, Trump stated that he will announce more reciprocal tariffs, which will take effect "almost immediately" after the announcement.

During a trip to New Orleans, Trump signed a proclamation designating February 9th as "Gulf of Americas" Day, celebrating his order to rename the Gulf of Mexico as the "Gulf of Americas." He also reiterated his previous proposals regarding the U.S. potentially taking over Canada and the Gaza Strip, stating that Canada would be better off as the "51st state" and his "commitment to buying and owning Gaza."