Trump Reinstates Sweeping 25% Tariffs on Global Steel and Aluminum Imports
The move, aimed at boosting U.S. manufacturing, eliminates previous exemptions and intensifies trade tensions with key allies like Canada and Australia.
- The new tariffs, effective Wednesday, impose a 25% duty on all steel and aluminum imports to the U.S., reversing exemptions granted during Trump's first term.
- Canada, the largest supplier of these metals to the U.S., narrowly avoided a threatened 50% tariff after Ontario paused surcharges on electricity exports to U.S. states.
- The tariffs have been criticized by allies like Australia and Canada, with Australian Prime Minister Anthony Albanese labeling them as economically harmful and unjustified.
- U.S. industries reliant on steel and aluminum, including automotive and construction, are bracing for higher costs, with domestic metal prices already seeing significant increases.
- Canadian and Australian producers are exploring alternative markets and strategies to mitigate the economic impact, while some U.S. allies consider retaliatory measures.
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