In a provocative move heightening trade tensions, President Trump has doubled the tariffs on steel and aluminium imports from 25% to 50%, effective immediately. This decision aims to support the struggling U.S. metals industry, according to White House adviser Kevin Hassett. It notably impacts Canada and Mexico, significant exporters of these materials to the U.S., with Canadian exports surpassing that of other countries. Mexico's Economy Minister highlighted the irrationality of the tariffs given the trade surplus with the U.S., while the European Union warned of potential retaliatory actions.
"It makes no sense for the United States to levy a tariff on a product in which you have a surplus," said Mexico's Economy Minister Marcelo Ebrard, emphasizing the irrationality of the tariffs.
"We started at 25 and then, after studying the data more, realised that it was a big help, but more help is needed," said White House economic adviser Kevin Hassett on the need for higher tariffs.
Census Bureau data shows Canada alone exports more aluminium to the US than the rest of the top 10 countries combined, illustrating the significant impact of the tariffs on trade.
The European Union strongly regrets the move and warned it could take retaliatory action, accusing Washington of undermining attempts at a negotiated settlement.
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