US President Donald Trump has said that he will impose a 25% import tariff on all steel and aluminum entering the country, a move expected to significantly affect Canada.
He also mentioned plans to introduce reciprocal tariffs on nations that impose taxes on U.S. imports, with further details expected later in the week. However, he did not specify which countries would be targeted or whether any exemptions would apply.
"If they charge us, we charge them," Trump remarked.
He shared his plans with reporters on Sunday while traveling from his Mar-a-Lago resort in Florida to the Super Bowl in New Orleans.
Canada and Mexico are among the U.S.'s largest steel trading partners, with Canada being the top supplier of aluminum to the U.S.
During his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum imports from Canada, Mexico, and the European Union. However, a year later, the U.S. reached an agreement with Canada and Mexico to lift the tariffs, while the EU import taxes remained in place until 2021.
Speaking aboard Air Force One, Trump said on Monday he would announce tariffs on "everybody" for steel and aluminium.
"Any steel coming into the United States is going to have a 25% tariff," he said.
In response, Doug Ford, the premier of the province of Ontario, accused Trump of "shifting goalposts and constant chaos, putting our economy at risk" in an online post. Canada's steel production is concentrated in Ontario.
Trump's comments also caused the stocks of major South Korean steel and car makers to fall. South Korea is a major exporter of steel to the US.
Meanwhile, Australian Prime Minister Anthony Albanese told parliament his government will "make the case" to the US for Australia to be given an exemption to any steel and aluminium tariffs - something they got during Trump's first term.
Albanese also said he has a meeting scheduled with the US president.
The shares of Australia's largest steel maker BlueScope were up about 1.6%. The company has a significant presence in Ohio where it operates the North Star Mill.
Trump's move mark another major escalation in Trump's trade policy, which has already sparked retaliation from China.
Tariffs are a central part of Trump's economic vision - he sees them as a way of growing the US economy, protecting jobs and raising tax revenue.
Earlier this month, Trump threatened to impose import duties of 25% on Canadian and Mexican products but later delayed that plan for 30 days – until early March - after speaking to the leaders of both countries.
He also brought in new US levies of 10% on all Chinese goods coming into the US. Beijing has retaliated with its own set of tariffs which took effect on Monday.
Trump also said he would announce more tit-for-tat tariffs on "Tuesday or Wednesday" and that they would take effect "almost immediately" after the announcement.
"The ones that are taking advantage of the United States, we're going to have reciprocal [tariffs]," he said. "It'll be great for everybody, including other countries".
On the trip to New Orleans, Trump also signed an proclamation designating 9 February "Gulf of America" day to celebrate his order renaming of the Gulf of Mexico, as his plane crossed the body of water.
Mexico argues the US cannot legally change the Gulf's name because UN rules dictate that an individual country's sovereign territory only extends up to 12 nautical miles out from the coastline.
Trump was also asked whether he had spoken to Russian President Vladimir Putin and replied: "I don't want to talk about it, and if we are talking, I don't want to tell you about the conversations too early, but I do believe we're making progress."
"I would imagine I would be meeting with Putin at the right time… at the appropriate time," he said.
Trump also repeated his unlikely suggestions that the US could take over Canada and the Gaza Strip, saying Canada would fare better as the "51st state" and that he was "committed to buying and owning Gaza".
Source: BBC
BDST: 1321 HRS, FEB 10, 2025
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