Trump signs order imposing 25 per cent tariff on all steel and aluminium imports
Donald Trump signed a decree on Monday night local time that will tax all steel and aluminium imports to the US by 25 per cent from 12 March. The European Commission says it is preparing counter-measures.
The measure will simplify tariffs “so that everyone can understand exactly what it means”, Trump said. “It’s 25 per cent without exceptions or exemptions. That’s all countries, no matter where it comes from, all countries.”
The decision is the latest move in the US president’s trade war, following tariffs imposed on products from Canada, Mexico and China.
Canada and Mexico account for the majority of US metal imports. American companies that use metals in their production, for instance in the automotive sector, will also bear the brunt of the new measure.
Trump also said he would give permission to Japan’s Nippon Steel to invest in US Steel, but it will not be allowed to take a majority stake.
The main stock market indexes on Wall Street rose on Monday, led by technology and steel shares, ahead of the announcement.
"We will respond in a firm and proportionate manner with countermeasures"
During his first term, Trump imposed import taxes of 25 per cent on steel imports and 10 per cent on aluminium imports from Canada, Mexico and the EU. An agreement was reached with Canada and Mexico after a year to end the tariffs, which were retained against the EU until the end of the presidency in 2021.
In 2022, with Joe Biden in the White House, Europe suspended its retaliatory measures and the US also decided to largely lift its tariffs.
'Much-needed interventions'
The European Commission is preparing counter-measures to the latest tariffs, Trade Commissioner Maros Sefcovic said on Tuesday.
"We are currently assessing the scale of the measures announced last night and we will respond in a firm and proportionate manner with counter-measures," Sefcovic told the plenary session of MEPs in Strasbourg.
"The EU sees no justification for the imposition of tariffs on our exports. Economically counterproductive. A lose-lose scenario," he later wrote on X.
European Commission president Ursula von der Leyen is due to meet US vice president JD Vance in Paris on Tuesday.
Flemish minister president Matthias Diependaele said on X: "We expect sensible countermeasures from the EU to counter Trump's tariffs. But above all, we expect much-needed interventions in EU policy to make our industry more competitive."
Donald Trump with Howard Lutnick, CEO of Cantor Fitzgerald LP and Commerce secretary nominee, during an executive order signing in the Oval Office, 10 February 2025 © PHOTO AL DRAGO / POOL/ ABACAPRESS.COM
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