10.02.2025 15:00
U.S. President Donald Trump has decided to impose an additional 25% tariff on steel and aluminum imported from all countries. The decision is expected to significantly impact Canada, Brazil, Mexico, South Korea, and Vietnam. Economists predict that this situation will shrink global trade volume and lead to an increase in metal prices.
U.S. President Donald Trump announced a new tax decision that will deeply affect global trade balances. An additional customs duty of 25% will be imposed on steel and aluminum imported from all countries.
Speaking to reporters on Air Force One, Trump stated that they would apply the same tax rates that other countries impose on the U.S. Trump, who has particularly complained about the high tariffs on automobile imports from the European Union, is expected to formalize his decision on Tuesday or Wednesday.
In addition to Canada, which is the largest steel supplier to the U.S., Brazil, Mexico, South Korea, and Vietnam will also be seriously affected by the decision. Canada alone meets 79% of the U.S.'s primary aluminum needs.
The decision has led to strong reactions internationally. French President Emmanuel Macron argued that the target should be China, not the EU, while Ontario Premier Doug Ford warned that their economies would be at risk. China has taken the issue to the World Trade Organization.
Economists predict that the new tariffs will shrink global trade volume and lead to an increase in metal prices. While costs are expected to rise in the automotive and construction sectors, inflationary pressures in the U.S. are anticipated to increase.
China's imposition of tariffs ranging from 10% to 15% on $14 billion worth of American products in retaliation raises the risk of deepening trade wars. Experts indicate that particularly the economies of Canada and Mexico could suffer significant blows, and new routes and partnerships in metal trade may emerge.