Addressing reporters on Air Force One, Trump said that " these tariffs would apply to all steel entering the country, with aluminum imports also being impacted. "
This decision continues his administration's protectionist trade stance, aimed at safeguarding American industries from what he perceives as unfair competition.
Trump's previous tariffs during his first term targeted nations in Asia and Europe, with Canada— the largest supplier of steel and aluminum to the US— along with Brazil, Mexico, and South Korea, likely to be significantly affected.
He had recently warned Canada about potential tariffs.
Additionally, Trump announced plans for "reciprocal tariffs" that would match the rates imposed by other countries on American goods, promising further details by midweek.
His strategy of using tariffs is not unprecedented; he previously levied tariffs against trade partners such as China, Mexico, and Canada. While he temporarily suspended tariffs on Canada and Mexico in exchange for commitments to address issues like fentanyl trafficking, tariffs on Chinese imports continued, with an additional 10-percent levy imposed on various products. In response, China enacted targeted tariffs on $14 billion worth of US goods.
French President Emmanuel Macron has criticized these tariff plans, suggesting that the US should concentrate its trade efforts on China rather than the European Union, warning that such tariffs could lead to inflation and higher costs for American consumers.
Also ,Trump has announced intentions to impose new tariffs on the European Union and has cautioned Japan about possible levies if it fails to address the US trade deficit. Last year, the US trade deficit expanded to nearly $920 billion, which has intensified Trump's ambition for a "new golden age" for the American economy.
He claims that the financial impact of tariffs will fall on foreign exporters rather than US consumers, although this view is contested by many experts.
Trump has also recognized that these tariffs could cause some economic "pain" for Americans.
Additionally, his tariffs have been used as a tool to influence broader policy objectives; for example, he threatened Colombia with tariffs after the country refused to allow US military planes to land with deported migrants, leading to compliance from the Colombian government after a standoff.