सिंहदरबार संवाददाता
Kathmandu. President Donald Trump said on Sunday that the United States will impose a 25 percent tariff on steel and aluminum imports this week. It is the latest in a series of trade tariffs he has announced. Speaking to reporters aboard Air Force One, Trump said the tariffs to be announced on Monday would apply to “any steel that comes into the United States” and would also affect aluminum.
Trump imposed similar tariffs during his 2017-2021 presidency to protect American industry, which he believed faced unfair competition from Asian and European countries. Canada is the largest source of steel and aluminum imports to the United States, according to U.S. trade data. Brazil, Mexico and South Korea are also major steel suppliers to the country. Trump has already threatened tariffs on Canada.
The Republican billionaire also said on Sunday that he would announce “reciprocal tariffs” to match his government’s tariffs on American products to match those imposed by other countries. “Every country will be treated reciprocally,” Trump said. He said he would make a detailed announcement on the tariffs on Tuesday or Wednesday. The president has shown his interest in weaponizing the United States’ financial power by ordering tariffs on major trading partners China, Mexico and Canada since taking office.
Trump has suspended 25 percent tariffs on both countries for a month after Canada and Mexico promised to take tougher action to stem the flow of fentanyl and undocumented immigrants into the United States. But the tariffs on China have gone ahead. Starting Tuesday, the United States will impose an additional 10 percent tax on products entering the country. Beijing has responded by imposing targeted tariffs on some U.S. products, such as coal and liquefied natural gas, effective Monday.
Goldman Sachs estimates that the new Chinese tariffs will cover $14 billion worth of U.S. goods, while the tariffs announced by Trump will cover $525 billion worth of Chinese goods.
Trump has said he will soon announce unspecified “reciprocal tariffs” in addition to the tariffs he has said he will impose on the European Union (EU). French President Emmanuel Macron vowed to confront Trump directly over his financial threats against Europe in an interview broadcast Sunday. However, he said the United States should focus its efforts on China rather than the EU. Macron told CNN that any tariffs on Europe would be felt by Americans, warning that they would “increase costs in the United States and create inflation.”
In a friendly meeting with Japanese Prime Minister Shigeru Ishiba on Friday, Trump warned Tokyo that it could impose tariffs on exports until the US reduces its trade deficit with Japan to zero. The trade deficit of the world’s largest economy, the United States, rose to nearly $920 billion last year. Trump, who has promised a “new golden age” for the United States, has insisted that any tariffs will be borne by foreign exporters, without passing them on to American consumers.
However, many experts have said otherwise. But he acknowledged that Americans could feel economic “pain” after announcing tariffs on Mexico, Canada and China earlier this month. Trump has used tariffs as a threat to achieve his broader policy goals. Most recently, he threatened to impose tariffs on Colombia if it turned back U.S. military planes carrying deported migrants. After a day of confrontation with Trump, the Colombian government backed down.
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