U.S. President Donald Trump says he intends to introduce 25% tariffs on all steel and aluminum imports to the U.S. It's a move that threatens industries in South Korea, Japan and Taiwan, three key U.S. allies and partners in Asia, which are among the top ten importers of steel to the U.S.
Category
🗞
NewsTranscript
00:00New trade moves from U.S. President Donald Trump continuing an aggressive policy start
00:06to his second term.
00:08Just days since the U.S. reached deals with Canada and Mexico to avoid tariffs Trump threatened
00:14on all goods from the two countries, Trump now pledging 25 percent tariffs on two major
00:20metal imports.
00:21Any steel coming into the United States is going to have a 25 percent tariff.
00:28Both Canada and Mexico are major aluminum suppliers to the U.S., Canada leading imports
00:36in primary aluminum metal by far, accounting for nearly 80 percent of total imports for
00:42almost all of 2024.
00:45Canada also dominates in steel imports, supplying the U.S. with 6.5 million net tons of steel
00:52mill products last year.
00:54The latest levy also takes aim at some of Washington's closest allies and partners in
01:00Asia, namely South Korea, Japan and Taiwan, all of whom sit in the top 10 list of foreign
01:06sources of steel.
01:08In a statement to Taiwan Plus, Taiwan's largest steel manufacturer, CESC, says since it exported
01:15a smaller volume than Canada and Mexico combined, it expects the direct impact of steel tariffs
01:22to be small, but that the details of Trump's plan are needed for a fuller picture.
01:30Concerns have been mounting for Taiwan's export-reliant economy, particularly because of its large
01:36trade surplus with the U.S. of almost $65 billion, which could push Trump to hit the
01:42country with what he calls reciprocal tariffs to rebalance trade.
01:48Two economic officials are set to travel to Washington to try and quell the tariff
01:52threats, especially the promised levy on imported chips, a sector Taiwan dominates in.
01:58As Trump is expected to detail his reciprocal tariff policies in the coming days, Taiwan
02:20and other countries must increasingly confront a global landscape that's becoming more about
02:25business than about alliances and goodwill.
02:29Ryan Wu and Joyce Sun, for Taiwan Plus.