President Donald Trump has kicked off his second term with a bold tariff policy that is shaking up global trade.
After imposing a 10 percent additional tariff on Chinese goods to address the fentanyl crisis, the president took another step by imposing a 25 percent tariff on steel and aluminum imports.
While this move has raised concerns among America’s trading partners, including the European Union, it has been met with praise from domestic metal producers and labor groups. Meanwhile, some economists have raised concerns about the potential inflationary effects of the tariffs.
The tariffs are set to take effect on March 4.
Here are five key takeaways from Trump’s steel and aluminum tariff order.
1. Countries Most Affected by New Tariffs
Canada, the largest supplier of steel and aluminum to the United States, will be the most affected by the new tariffs.
In 2024, top steel suppliers to the United States were Canada, Brazil, Mexico, South Korea, and Vietnam. And the leading aluminum suppliers were Canada, the UAE, and Mexico.
During his first term, Trump imposed a 25 percent tariff on steel and a 10 percent tariff on aluminum. While he later granted exemptions to several trading partners, including Canada, Mexico, and Brazil, he kept the tariffs in place for China.
Both the Trump and Biden administrations have accused China of dumping cheap steel on the global market. In May 2024, Biden further raised tariffs on Chinese steel and aluminum to reduce exposure to dumping and protect U.S. producers. […]
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