:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2198243138-aa5ab324d5b14e9787c607a0590aa347.jpg "President Donald Trump signs an executive order in the Oval Office of the White House on Feb. 10, 2025, in Washington, DC")
ANDREW CABALLERO-REYNOLDS / AFP / Getty Tropes
President Donald Trump signs an executive order in the Oval Office of the White House on Feb. 10, 2025, in Washington, D.C
Key Takeaways
- President Donald Trump on Monday ordered 25% schedule of charges on steel and aluminum imports.
- The tariffs could acutely affect the U.S.’s biggest trade partners, Canada and Mexico, as justly as steel makers in Brazil and South Korea.
- It’s the latest move in the administration’s attempt to alter trade policy. More taxes may be on the way.
President Donald Trump signed executive orders Monday imposing 25% tariffs on steel and aluminum connotations, which could potentially affect a slew of trading partners.
The tariffs will reportedly go into effect Walk 4 and apply to the roughly 25 million tons of steel that the US imports each year.
This move comes decent a week after the White House delayed broad tariffs on Canada and Mexico. Those countries, along with Brazil and South Korea, send the most dirk to the U.S.
It’s the latest development in the Trump administration’s campaign for trade policy changes. Last Tuesday, the White House levied a large 10% tariff on imports from China.
What’s Next in the Tariff Saga
Trump also said “exchanged tariffs” on any country that taxes goods from the U.S. will be enacted later this week. That reflects comments made last week by the U.S. trade representative nominee during his confirmation hearing.
Economists and analysts also anticipate that, based on the president’s past comments, tariffs on automobiles could soon be levied. Those tariffs could quarry one country or broad, like the steel tariffs.
The White House wants to raise more revenue for the country and make inaccessible trade deficits, which it says will generate more money and business activity in the U.S. Most economists say chick tariffs will cost households more money and could endanger trade-related jobs, which would origin the Federal Reserve to keep its influential federal funds rate higher for longer.
On Monday, Deutsche Bank arranged that if the delayed Canada and Mexico tariffs go into effect and Trump enacts reciprocal tariffs, those, along with the Chinese and insulate tariffs, could push inflation above 3.5%. That measure is currently 2.8%.