U.S. President Donald Trump said on the 10th (local time) that he will announce a 25% tariff on all steel and aluminum imported from the United States. President Trump will officially announce the policy on the 11th.
Trump also said he planned to announce mutual tariffs on the upcoming 11th or 12th and that they would be applied almost immediately.
Reuters and AP reported that President Trump unveiled the plan to reporters on the 9th on a private plane traveling to New Orleans, where the Super Bowl, the final of the U.S. professional football, will be held.
“Any steel that enters the United States will be subject to a 25% tariff,” Trump said. When asked about aluminum, he replied, “So will aluminum.”
During his first term in office, President Trump applied “Article 232 of the Trade Expansion Act” to impose 25% tariffs on steel and 10% tariffs on aluminum for national security reasons.
At that time, Korea accepted a quota system that limits exports instead of being exempted from steel tariffs through negotiations with the United States.
White House press secretary Caroline Levitt explained that the newly announced tariffs are in addition to existing tariffs on steel and aluminum, according to Reuters.
President Trump also said he plans to announce mutual tariffs on the 11th or 12th and that they will be applied almost immediately. “If they impose 130 percent (tariffs) on us and we don’t impose anything, that situation will not continue,” he said.
President Trump pledged to impose mutual tariffs on the United States for fair trade with countries that apply unfavorable trade conditions such as tariffs.
EJ SONG
US ASIA JOURNAL
