President Donald Trump has announced a 25% import tax on all steel and aluminum entering the United States, which will have the greatest impact on Canada.
Trump also stated that he will announce reciprocal tariffs on all countries that impose tariffs on US imports later this week, but he did not specify which countries will be targeted or whether there will be any exemptions.
If they accuse us, we will accuse them, "Trump said.
This move marks another upgrade In Trump's trade policy, already Triggered retaliation from China.
Canada and Mexico are the two largest steel and aluminum trading partners of the United States.
The United States accounts for about 10% of the UK's steel industry exports, but for some specialty product suppliers, this is much more important and accounts for a large proportion of their overall business.
The trade organization British Steel has stated that any tariffs imposed by the United States would have a "devastating impact" on the British steel industry.
The steel production in the United States is heavily politicized. Some people believe that the country needs to have the ability to produce enough high-quality steel to supply the military in case of national emergencies, without relying on imports.
During his first term, Trump imposed a 25% tariff on steel imports from Canada, Mexico, and the European Union, and a 10% tariff on aluminum imports.
But the United States An agreement will be reached one year later Canada and Mexico will terminate these tariffs, although EU import tariffs will continue until 2021.
These tariffs have increased costs for American car companies and carbonated beverage manufacturers that use aluminum in cans. According to a report from the think tank Tax Foundation, this information was subsequently transmitted to consumers.
During his speech on Air Force One on Monday, Trump announced tariffs on "everyone" on steel and aluminum.
He said, 'Any steel entering the United States will be subject to a 25% tariff.'.
