Trump to impose 25% tariff on all steel, aluminum imports

Also, he mentioned announcing on Tuesday or Wednesday reciprocal tariffs applying to all countries that tax imports from the U.S. "If they charge us, we charge them," Trump said. 

For Chinese exporters, a 25% tariff on steel and aluminum products is nothing new. As early as September 13 2024, the Office of the United States Trade Representative had confirmed a 25% duty on China-origin steel and other Chinese imports, which took effect on September 27 2024.

At the start of February, the White House also imposed a 10% additional tariff on all Chinese goods imports, citing the need to protect the U.S. from illegal immigration and drug trafficking, including fentanyl.

This time, Trump is broadening the tariffs on steel and aluminum globally, with analysts speculating that the move is aimed at curbing transshipment practices. For instance, Chinese semi-finished steel processed in countries like Mexico or Vietnam before being exported to the U.S. would also be impacted.

According to data from the U.S. government and the American Iron and Steel Institute, the largest sources of steel imports to the U.S. are Canada, Brazil, and Mexico, followed by South Korea and Vietnam.

"Trump hopes to redirect more steel orders to domestic mills, ultimately driving the revival of the U.S. steel industry," an analyst commented. 

Just 20 days into his presidency, Trump has aggressively rolled out a series of tariff measures, reinforcing his trade protectionist approach. However, these high tariffs have sparked concerns among U.S. economists, who warn that excessive duties could fuel inflation and hinder long-term economic growth.

Written by Adele Pan, panqinjie@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com