US President Donald Trump made good on a promise to slap 25% tariffs on steel and aluminium imports
Before he signed executive orders imposing the measures, global stock markets rose as traders with “tariff fatigue” appeared to shrug off Trump’s plans.
“Today I’m simplifying our tariffs on steel and aluminium,” Trump said in the Oval Office. “It’s 25% without exceptions or exemptions.”`
He also signalled that he would look at imposing additional tariffs on automobiles, pharmaceuticals and computer chips.
Trump has also promised an announcement on Tuesday or Wednesday on broader “reciprocal tariffs” to match the levies other governments charge on US products.
He imposed sweeping tariffs during his 2017-2021 presidency to protect US industries, which he believed faced unfair competition from Asian and European countries.
Canada and — which Trump has already threatened with tariffs — are the biggest steel importers to the United States, according to US trade data. Brazil and South Korea are also major steel providers.
