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President Donald Trump said he would impose a 50% rate of steel and aluminum imports from Canada, degenerating his battle with one of the largest trade partners in the United States.
“I asked my trade secretary to add an additional 25%rate to 50%on all steel and aluminum arriving in the United States from Canada, one of the highest tariff nations in the world,” said Trump wrote on his social truth Tuesday platform, committing to impose prices on Wednesday.
The prices of American aluminum and steel have soaked and American stocks dropped after the announcement, the S&P 500 index dropped by 0.8%, as fears of the impact of Trump’s trade wars on the American economy have deepened.
Trump said this decision was in charge of an additional 25% Food exports to the United StatesIncrease electricity prices for around 1.5 million Americans in New York, Michigan and Minnesota.
In a Subsequent social media positionTrump added: “Can you imagine that Canada is looking so low than using electricity, which affects the lives of innocent people, as a negotiation program and a threat?”
The announcement is the last in a series of Salvos Tit-For-Tat between the United States and Canada as an agrees of Trump pricing And economic nationalism threatens to fracture North American trade.
Shortly after its inauguration, the American president said that he would impose prices of 25% in Canada and Mexico, but last week, he granted a month-long month for the goods that respected the rules of a free trade agreement in 2020.
Aluminum and steel prices are part of a separate set of tasks to be imposed on producers from around the world, which should take the victory on Wednesday.
White House officials claim that global prices of 25% on metal imports are intended to protect the American national industry.
Ontario Prime Minister Doug Ford, who has been fighting publicly with Trump in recent days, has replied that the US “Tanking” markets because of the American president’s trade policy. “He must drop his prices and come to the table to negotiate a fair trade agreement,” wrote Ford on X. “Until he does, we will not back down.”
Despite the slumbox in larger stock indices, the actions of American steel producers increased on Tuesday. American steel increased by 4%, Nucor increased by 2%and the dynamics of steel gained 1.5%.
A measure closely followed by the difference between the prices of the United States and London, called Midwest Premium, increased sharply on Tuesday, stressing the increase in costs that American industrial groups face.
According to Factseet data, ultimately, which follows the premium, which follows the prices of the metal delivered to the factories of the American Midwest, increased up to 18%.
Trump said if Canada did not lower his “long-term” prices, he would “increase considerably” the samples from the cars entering the United States, a move which, according to him, was “essentially closing” the country’s Aboriginal industry.
Trump, who also suggested that the northern neighbor of the United States could no longer be assured that Washington would protect him militarily, added that “the only thing that makes sense is that Canada becomes our fifty first darling state. It would make all prices, and everything else would disappear completely. »»
Canada has firmly rejected such suggestions by Trump since it became president in January.
