United States President Donald Trump confirmed a 25% increase in steel and aluminum import tariffs. He also stated that he will make no exceptions to this new imposition.
This is another chapter of Trump’s trade war. The new rates should mainly affect Canada and Mexico, some of the leading exporters of metal to the United States.
The Republican had already applied the same rates throughout the first term and then opened exceptions to countries such as Brazil, the United Kingdom and Japan.
In the foreign market, both steel and aluminum rose in negotiations. The actions of steel companies have also helped performance of the United States scholarships, registering strong discharge.
The announcement of universal tariffs, however, shows another change in the republican’s speech. Last week, Trump denied that he would do this type of taxation in products and raw materials.
And later this week, it promises to announce new reciprocal rates to all US business partners.
Leaders around the world adopted different shades of answers. The European Commission made it clear that it will react to the republican’s “tariff”.
Germany’s Chancellor Olaf Scholz endorsed the position. “One thing is clear: anyone who imposes tariffs should expect retaliation tariffs,” said Scholz. France’s Prime Minister Emmanuel Macron said the European Union needs to be prepared for Trump rates. But he emphasized that he “has good relations and a frank dialogue” with the US.
On the other hand, Mexico President Claudia Sheinbaum preached caution to the reactions.
In Asia, South Korea leaders held emergency meetings to discuss measures that mitigate the impact of the new Trump rates.
On the American side, experts point out that tariffs should further press prices to consumers in the country. Among the most impacted products would be new vehicles and components for computers.
This content was originally published in Trump promises reciprocal tariffs in another chapter of trade war on CNN Brazil.
Source: CNN Brasil
Bruce Belcher is a seasoned author with over 5 years of experience in world news. He writes for online news websites and provides in-depth analysis on the world stock market. Bruce is known for his insightful perspectives and commitment to keeping the public informed.
