President Trump will introduce new 25% tariffs on all steel and aluminum imports into the US, in addition to current duties.
Trump announced the measure aboard Air Force One, as he made his way to the Super Bowl in New Orleans, on Sunday.
He also reiterated that he would be introduced reciprocal tariffs on all countries that apply tariffs to US goods, at the same rates. He said he would provide further details at a press conference on Tuesday or Wednesday.
The most important sources of US steel imports are Canada, Brazil and Mexico, then South Korea and Vietnam.
Canada provides 79% of all aluminum imports to the US.
Trump also stated that, while he would allow Japan’s Nippon Steel to invest in US Steel, he would not allow it to acquire a majority stake.
During his first term, Trump imposed tariffs of 25% on steel and 10% on aluminum; although he later granted duty-free exemptions to a number of countries including Canada, Mexico and Brazil.
Kevin Dempsey, president and CEO of the American Iron and Steel Institute, welcomed Trump’s tariff plan.
“We look forward to working closely with the President and his administration to implement a robust and reinvigorated trade agenda to address the many foreign market-distorting policies and practices that create an unlevel playing field for American steelmakers.”
Domestic steel production was significantly boosted after Trump’s tariffs during his first term.