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Donald Trump said that he will impose a 25 percent tariff on all imports of steel and aluminum in the United States, threatening to unleash disturbances in the commodity markets and ignite commercial wars throughout the global economy.
US officials said that the definitions were in response to “foreign players” who are “increasingly exports” of minerals to the country and “undermining American producers of steel and aluminum.
Trump officials said the definitions will apply to all US imports, and that no exceptions will be granted to certain products. Definitions will start on March 4, according to one person familiar with the plan.
Although this step is designed to protect local steel makers, it is likely to affect the United States’ allies – including Canada and Mexico – and may raise the costs of any American manufacturers who import minerals.
The announcement of the tariff of the US President comes three weeks after his return to the White House and represents the escalation of his protective agenda. His announcement is followed by the new fees on the closest commercial partners of the United States, Mexico and Canada. It is scheduled to enter at the beginning of March.
Trump also said he intends to impose a mutual tariff on countries that had accounts of American goods in the coming days.
The US President imposed a tariff of 25 percent on all imports of steel and 10 percent on aluminum imports in 2018, during his previous commercial war, before negotiating some countries.
Joe Biden, who inherited the Trump tariff for minerals when he came to his post in 2020, deals with the European Union, the United Kingdom and Japan that allowed them to export a certain amount of steel and aluminum to the United States exempt from the fees.
On Monday, US officials said that these agreements will achieve intact, and definitions will be placed on all imports of steel and aluminum from all countries.
The officials also said that Trump will remove the process of excluding the product, describing it as a “gap.”
“We had the process of excluding the products that were completely out of control in the years of Biden, and there were literally hundreds of thousands of approved exceptions, and millions of metropolitan tons of steel and aluminum were not targeted correctly,” said A. White House official.
The official added: “President Trump ends the process of excluding the product.”
The latest guideline that leads to immediate revenge on the European Union, which responded to Trump’s definitions in 2018 by imposing its own fees at a distance of 2.8 billion euros of American goods, including motorcycles in Bourbon and Harley Davidson.
The European Union raised this customs tariff as part of the Biden Agreement in 2021.
Mineral prices in the United States rose on Monday before Trump’s announcement, as traders moved to secure supplies, with a close monitoring of aluminum by about 10 percent, and the contract of copper in the United States over those who have achieved their levels in London since 2020.
