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JUST IN: President Trump says he plans to announce a 25% tariff on all steel and aluminum imports into the US, along with other new reciprocal tariffs.
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President Donald Trump, speaking to reporters on Air Force One Sunday, said he planned on announcing a 25% tariff on all steel and aluminum imports into the United States Monday.
“We’ll also be announcing steel tariffs on Monday,” he said, adding, “any steel coming into the United States is going to have a 25% tariff.”
“Aluminum, too,” he added.
Trump also said he planned to hold a separate news conference Tuesday or Wednesday to announce massive new reciprocal tariffs, which could match other countries’ tariffs on US goods dollar-for-dollar.
“Very simply, it’s if they charge us, we charge them,” Trump said.
He did not provide many details about how expansive the new tariffs would be or when they may go into effect. It’s not clear if the new steel and aluminum tariffs will be on top of the tariffs already in place on exports from countries like China.
Trump in 2018, during his previous administration, also announced 25% tariffs on steel and 10% tariffs on aluminum, although the following year he lifted them on Mexico and Canada.
Last week, Trump imposed a 10% tariff on all Chinese goods imported to the United States on top of all existing tariffs already in place on China. After those tariffs went into effect Tuesday, China quickly retaliated by placing tariffs on some chips and metals, and began investigating Google and the maker of the Calvin Klein and Tommy Hilfiger brands.
But Trump already began dialing back those tariffs, pausing taxes on any goods worth $800 or less imported into the United States until the Commerce Department can develop a system for imposing those hard-to-track items. Trump also paused 25% across-the-board tariffs on Mexican and Canadian imports until at least March 1.