US President Donald Trump has announced plans to introduce new 25% tariffs on all steel and aluminium imports.
This comes as an addition to existing metals duties and marks an escalation in his trade policy overhaul, reported Reuters.
The new tariffs are expected to be announced today and will be followed by reciprocal tariffs to be unveiled on Tuesday or Wednesday.
These reciprocal tariffs will apply to all countries and match the tariff rates each country levies, taking effect almost immediately.
President Trump has expressed his intention to hold a news conference to provide detailed information on the reciprocal tariff plan.
Despite the broad application of the new tariffs, President Trump mentioned that the US Government would permit Japan's Nippon Steel to invest in US Steel, albeit with a restriction preventing a majority stake.
The largest sources of steel imports to the US include Canada, Brazil and Mexico. Canada is the dominant supplier of primary aluminium, accounting for 79% of total imports in the first 11 months of 2024, according to government and American Iron and Steel Institute data.
Premier of Quebec Francois Legault said on social media: "The Trump administration is threatening to attack the aluminium and steel sectors, sectors on which the United States depends largely. Quebec exports 2.9 million tonnes of aluminium to them, or 60% of their needs. Do they prefer to supply themselves from China?
“All this shows that we must begin to renegotiate our free trade agreement with the United States as soon as possible and not wait for the revision planned for 2026. We must put an end to this uncertainty.”
Trump has been vocal about the imbalance in tariffs, particularly highlighting the EU's 10% tariffs on auto imports compared with 2.5% imposed by the US.
The US maintains a 25% tariff on pickup trucks, which benefits major automakers such as General Motors, Ford and Stellantis' US operations.
The US' trade-weighted average tariff rate stands at around 2.2%, in contrast to higher rates in countries such as India and Brazil.
Trump also criticised Canada and Mexico for insufficient action to secure their borders and halt the flow of drugs and migrants.
He has threatened to impose 25% tariffs on all imports from these countries unless they take stronger action by 1 March.
