President Donald Trump announced plans to impose a 25% tariff on all steel and aluminum imports starting Monday, affecting countries like Canada and Mexico. He indicated further reciprocal tariffs may follow, aiming to balance trade relationships. Trump's approach marks a significant shift from his previous focus on tax cuts during his first term. Concerns over these tariffs have contributed to recent declines in financial markets and rising inflation expectations among Americans, highlighting the potential economic impact of his protective trade measures.
Trump stated that a 25% tariff will be imposed on all steel and aluminum imports to the US, including from Canada and Mexico.
He emphasized that reciprocal tariffs would likely be announced soon, aiming to equalize the duties imposed by other countries.
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