The US has introduced a 25% customs duty on steel and aluminum imports. President Trump stated that the tariffs would automatically increase if retaliated.

President Donald Trump of the US signed decrees introducing a 25% customs duty on steel and aluminum imports. During a ceremony in the Oval Office, Trump signed two decrees that entail imposing tariffs without exception on steel and aluminum imports from all countries. Following the signing of the decrees implementing a 25% customs duty on imported steel and aluminum, Trump evaluated it as the “beginning of enriching America again.” Trump noted that these tariffs would apply uniformly to all countries, indicating they would be applied at a rate of 25% across the board.

NEW TARIFFS ON THE WAYTrump stated that no customs duties would apply if production takes place in the US. Claiming that domestic production would also reduce prices, Trump said, “Foreign companies will move to the US, produce their steel and aluminum here, and ultimately, it will be cheaper.” He announced that within the next four weeks, meetings would also be held concerning automobiles, drugs, and chips. AUTOMATIC TARIFF THREATPresident Trump stated that within two days, tariffs based on reciprocity would be implemented, saying, “If they retaliate, meaning if they raise tariffs a bit, we will also automatically increase. Thus, I do not think retaliation will be beneficial.” Howard Lutnick, a nominee for Secretary of Commerce, pointed out that when Trump announced tariffs in his first term, employment in the industry increased by 120,000 people. However, after the granted exceptions, the loss of 107,000 jobs was mentioned, saying, “These were American steel workers, and now you will bring back the 120,000 jobs to America.” Lutnick added that Trump was a president who “lifted American steelworkers.”