Trump Imposes 25% Steel and Aluminum Tariffs in Latest Trade Escalation

TIME

President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week.

Transcript

00:00Because of the damage to the United States steel industry that those exceptions and exclusions have imposed,

00:07we're now, this order would reimpose that 25% ad valorem tariff rate on imports of steel,

00:15and it's presented for your signature now.

00:18Do you understand what that means?

00:22It's a big deal. It's a big deal.

00:25This is the beginning of making America rich again.

00:30So essentially we're putting on a 25% tariff without exception on all aluminum and all steel,

00:40and it's going to mean a lot of businesses are going to be opening in the United States.

00:44Now we're going to be meeting over the next four-week period, maybe on a weekly basis,

00:49and maybe we'll do a couple of them at different times and maybe together,

00:54but we'll be talking about other subjects like cars.

00:59We'll be talking about drugs and pharmaceuticals.

01:03We'll be discussing chips, and we're going to be doing some other things in addition to that,

01:11all which will bring in a lot of jobs into our country.

01:16Cars is going to be a very big one and a very important one,

01:20and America is going to be stronger than it ever was before.

01:23We have aluminum still to sign.

01:24Okay, let's go.

01:25So with respect to aluminum, similarly to steel, since 2018,

01:29a large number of exceptions and exemptions have been added into the law.

01:32This eliminates all of those and also increases the ad valorem tariff rate from 10% to 25%.

01:41Mostly the last part is the most important, right, would you say?

01:45Totally.

01:46So basically this is aluminum, the same thing, no exceptions, no nothing,

01:51and it's going to bring our aluminum business back and may go higher.

01:55I mean, frankly, it may go higher.

01:57The Australian Prime Minister has said that you are considering an exemption for Australia on steel.

02:02Is that correct? And why?

02:04I just spoke to him, a very fine man, and he has a surplus.

02:08I mean, we have a surplus with Australia, one of the few,

02:12and the reason is they buy a lot of airplanes.

02:15They are rather far away and they need lots of airplanes, and we actually have a surplus.

02:20It's one of the only countries which we do,

02:22and I told him that that's something that we will give great consideration to.

02:27And would you consider one for the UK as well?

02:29Well, we have a huge deficit with the UK. Big difference.

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