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Donald Trump said that he would impose prices of 25% on Monday on all imports of steel and aluminum, expanding his commercial conflicts to the metal sector in a new burst of protectionism against Washington.
The American president made this announcement during a briefing with journalists when he stole from his Mar-A-Lago domain in Florida to attend the Super Bowl in New Orleans on Sunday evening.
In addition to measures on steel and aluminum products, Trump said he would later have new reciprocal prices targeting imports from a wide range of countries that impose surveys on American exports.
The prices promised on steel and aluminum come as Trump launched his second term with an aggressive commercial policy. Last week, he came in the hours following the implementation of 25% of the prices on imports Neigins American Canada and MexicoOnly to offer them a 30 -day stay.
But Trump made the 10% tariffs advance on Chinese imports, which sparked Beijing reprisals that took effect on Sunday.
The new steel and aluminum samples offered by Trump could once again tighten the world’s financial markets, which have whipped in recent weeks when the American president threatened American trade partners with additional rates.
The dollar increased 0.3% on Monday against a basket of currencies, including Euro, Yen and Book. Aluminum exchanged on the London Metals stock exchange increased by 0.5% to $ 2,633 per tonne.
Although metal import prices are generally defended by certain key unions in the United States and certain national steel and aluminum producers, they may increase input costs for a wide range of American manufacturers. In 2023, the United States imported $ 82.1 billion in steel and iron and $ 27.4 billion in aluminum, while exporting $ 43.3 billion in steel and iron and 14.3 billions of aluminum dollars.
This decision comes as Trump is committed to blocking JapaneseUS Steel’s acquisition following Joe Biden’s decision to do the same.
But Trump said that he would work on the authorization of a significant investment, but not a majority participation, in the producer based in Pennsylvania by his Japanese rival, and insisted that the prices would help. “The prices will do [US Steel] very successful. And I think it has good management, “said Trump.
The actions of Japanese Steel were less than 1.6% in Tokyo in the middle of the morning on Monday, but partly plump in the afternoon to be down 0.4% during the day.
If Trump follows his plan to impose metallic prices and a wide range of additional samples, they will rekindle the concerns that its economic policies could trigger a new increase in inflation within the American economy and beyond.
Trump did not say exactly how much he intended to apply the reciprocal rates he promised to announce in the coming days.
“Very simply, if they charge us, we charge them,” he said.
His comments could trigger a rush by American trade partners to avoid imminent rates in the coming days. Last week, after meeting Japanese Prime Minister Shigeru IshibaTrump threatened to impose prices on the Asian nation if the bilateral trade deficit with the United States was not eliminated.
Australian Prime Minister Anthony Albanese said that companies in his country “have significant investments in (the American steel industry creating thousands of jobs in the United States and Australia.”
“We will continue to plead in favor of the national interest of Australia to the American administration,” said Albanese.
Additional Sam Learner reports in New York, Arjun Neil Alim in Hong Kong and Nic Fille in Melbourne
