US President Donald Trump has announced 25 percent tariffs on foreign steel and aluminum imports on Monday, February 10. Trump stated that the tariffs, which will apply to the products from trading partners with duty-free exemptions or tariff-rate quota deals, including Canada, Mexico, Australia, Argentina, Brazil, South Korea, the EU, Japan and the UK, will be effective as of March 12, 2025. However, a White House official subsequently stated that the tariffs will be effective as of March 4, 2025.
Despite stating that there will be no exceptions or exemptions regarding the tariff, talking to Anthony Albanese, prime minister of Australia, Trump noted that he would consider an exemption on imports of Australian products again.
The lift of exemptions may be good for Turkey, which is already subject to 25 percent duty, in terms of competition, SteelOrbis understands. However, valid antidumping and countervailing measures on products from Turkey are still an obstacle. The given countries (Canada, Mexico, Australia, Argentina, Brazil, South Korea, the EU, Japan and the UK) will probably negotiate again for exemption, market players believe.
Trump first stated he would impose the steel and aluminum tariff on Sunday, adding that he would also announce an additional set of reciprocal tariffs later this week.
President Trump signed proclamations that raised the tariff rate on aluminum imports to 25 percent from the previous 10 percent that he imposed in 2018 to aid the struggling sector. This reinstates a 25 percent tariff on millions of tons of steel and aluminum imports that had been entering the US duty free under quota deals, exemptions, and thousands of product exclusions.
These proclamations are extensions of Trump’s 2018 Section 232 national security tariffs to protect steel and aluminum makers.
“The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boosts domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America’s economic and national security,” Trump told reporters.