Synopsis
US President Donald Trump has declared a 25% tariff on all steel and aluminum imports without exceptions. This decision, effective March 4, raises concerns among South Korean exporters and others, while also hinting at potential tariffs on additional products.Key Takeaways
- 25% tariffs on all steel and aluminum imports.
- Effective March 4, no exceptions.
- Potential new tariffs on cars and semiconductors.
- Trump emphasizes U.S. manufacturing.
- Reciprocal tariffs if other nations retaliate.
Washington, Feb 11 (NationPress) US President Donald Trump has revealed his intention to impose 25 percent tariffs on all steel and aluminum imports entering the United States without exceptions or exemptions. This decision has raised alarms regarding its impact on South Korean and other exporting nations.
Trump formalized two proclamations concerning these comprehensive tariffs, while also indicating plans to unveil "reciprocal" tariffs "within the next two days", which involve duties on U.S. imports that will match the tariffs that other nations place on U.S. exports, according to reports from the Yonhap news agency.
During his initial term, Trump had already enacted a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports citing national security reasons. The latest measures will eliminate exceptions, exemptions, and duty-free quotas for U.S. trading partners, while also raising the aluminum tariff to 25 percent. These tariffs are scheduled to come into effect on March 4.
"Today, I am simplifying our tariffs on steel and aluminum so that everyone can understand exactly what it means. It's 25 percent without exceptions or exemptions, and that's all countries, no matter where it comes from," Trump stated as he signed the official documents.
"If it's made in the United States, there is no tariff. All you have to do is make it in the United States. We don't need it from another country," he added.
While announcing what he described as "massive" tariffs, Trump asserted that America was "being pummelled by both friend and foe alike".
"Our nation requires steel and aluminum to be made in America, not in foreign lands. We need to create in order to safeguard our country's future resurgence of U.S. manufacturing and production, the likes of which has not been seen for many decades," he remarked.
"It's time for our great industries to come back to America ... This is just the beginning," he emphasized.
When questioned about potential retaliatory actions from other countries, Trump replied, "I don't mind".
"If they retaliate, as I said, it's reciprocal," he noted. "If they raise it a little bit, then we raise it automatically. So I don't think it helps for them to retaliate."
Trump also cautioned that his administration is considering the imposition of tariffs on vehicles, semiconductors, and pharmaceuticals, among other products.
"Cars is going to be a very big one and a very important one, and America is going to be stronger than it ever was before," he stated.
Previously, Trump had already enacted a 10 percent tariff on all Chinese goods entering the U.S., while temporarily suspending the 25 percent tariff on Canada and Mexico as both nations agreed to enhance efforts to combat drug trafficking at their borders with the U.S.
