Daijiworld Media Network- Washington
Washington, Feb 10: US president Donald Trump is set to introduce a fresh round of tariffs, imposing a 25% duty on steel and aluminium imports from all countries, starting Monday. Speaking to reporters aboard Air Force One on Sunday, Trump confirmed the move but did not specify the exact date the tariffs would take effect.
Additionally, Trump announced plans to introduce reciprocal tariffs later in the week on nations that levy duties on US imports. While the official announcement could come as early as Tuesday or Wednesday, the implementation of these tariffs will follow shortly thereafter.
The decision marks the latest step in Trump’s ongoing trade policy efforts, which have targeted specific sectors and countries. Industry experts warn that the new tariffs could significantly impact the US energy sector, affecting wind power developers and oil drillers who depend on specialized steel grades that are not produced domestically.
During Trump's first term, some oil companies had secured exemptions from similar tariffs. However, it remains uncertain whether such exemptions will be granted again.
Many stakeholders in the steel and aluminium industry had anticipated a March timeline to prepare for the tariff rollout. Trump had initially postponed the implementation of February tariffs to March after Canada and Mexico proposed minor enhancements in border security measures.
It is unclear whether the fresh tariffs will also apply to Canada and Mexico, both of whom are major suppliers of these metals to the US.
Trump's broader tariff strategy remains uncertain, with the former president also mulling duties on pharmaceuticals, oil, semiconductors, and imports from the European Union.
Last week, Trump imposed a 10% tariff on Chinese goods, prompting Beijing to respond with retaliatory measures set to take effect later this month. However, China's response appears more measured than during Trump’s first term, as it has restricted its counter-tariffs to US imports worth $14 billion in 2024.
With trade tensions once again escalating, the global market remains on edge, awaiting further developments on Trump's protectionist policies.