US President Donald Trump has announced that he will impose new tariffs of 25% on all steel and aluminum imports into the US, in addition to existing duties on the metals, bringing another major escalation of his trade policy overhaul.
Trump, speaking to reporters on Air Force One en route to the Super Bowl in New Orleans, said he would announce the new tariffs "very soon." He also said he would announce reciprocal tariffs, which would take effect almost immediately, applying them to all countries and matching the tariffs imposed by each country.
"I don't want American aluminum or steel to be owned by a foreign country. They don't have a control, they just have an investment. All they're going to have is an investment. U.S. Steel for 15 years is the biggest company in the world, the number one biggest company in the world. And I'm not going to let another country buy it. We had a great meeting about that. But they're allowed to invest in it, and that's different," Trump said.
The largest sources of U.S. steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to government data and the American Iron and Steel Institute. By a wide margin, hydropower-rich Canada is the largest supplier of primary aluminum metal to the U.S., accounting for 79% of total imports in the first 11 months of 2024.
Trump imposed tariffs of 25% on steel and 10% on aluminum during his first term, but later granted duty-free exemptions to several trading partners, including Canada, Mexico and Brazil. Mexico is a major supplier of aluminum scrap and aluminum alloys.
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