President Donald Trump, speaking to reporters On Sunday, said he planned on announcing a 25% tariff on all steel and aluminum imports into the United States on Monday.
“We’ll also be announcing steel tariffs on Monday,” he said, adding, “Any steel coming into the United States is going to have a 25% tariff.”
“Aluminum, too,” he added.
Trump also said he planned to hold a separate news conference on Tuesday or Wednesday to announce massive new reciprocal tariffs, which could match other countries’ tariffs on US goods dollar-for-dollar.
“Very simply, it’s if they charge us, we charge them,” Trump said.
He did not provide many details about how expansive the new tariffs would be or when they may go into effect. It’s not clear if the new steel and aluminum tariffs will be on top of the tariffs already in place on exports from countries like China.
Last week, Trump imposed a 10% tariff on all Chinese goods imported to the United States on top of all existing tariffs already in place on China.
Trump also paused 25% across-the-board tariffs on Mexican and Canadian imports until at least March 1.
Canada and Mexico are the largest and third largest exporters of steel to the United States, respectively. Canada now accounts for nearly a quarter of steel imported by American businesses by weight, while Mexico accounts for about 12%, according to government data provided by the American Iron and Steel Institute, an industry trade group.
