US imposes 25% tax on imported steel and aluminum, countries react strongly

(CLO) US President Donald Trump imposed a 25% tariff on steel and aluminum imports into the US on Wednesday, a move that risks a surge in consumer and industrial prices.

Trump stated that the measure was aimed at "ensuring national security," as manufacturing industries are heavily reliant on foreign supplies of steel and aluminum. According to statistics, the US imports more than $30 billion worth of steel and aluminum annually, with Canada accounting for 17% of those imports.

This decision immediately provoked strong reactions from major trading partners such as Canada, the European Union (EU), China, and Japan, sparking the risk of a new trade war.

US President Donald Trump. Photo: White House

The EU announced it would impose retaliatory tariffs worth $28 billion on US goods, including Harley-Davidson motorcycles, whiskey, and Levi's jeans.

For China, which had already been subject to a 20% tariff by the US on all its exports, the total tariff on Chinese steel and aluminum now stands at 45%. Beijing has declared it will take "all necessary measures" to protect its national interests.

Japan, which accounts for only 4% of US steel imports, also expressed disappointment at not being granted an exemption. Japan fears that the high tariffs will burden its automotive industry, which relies on North American supply chains.

With Canada, the largest trading partner and a major supplier of steel and aluminum to the US, before imposing tariffs, Trump intended to increase tariffs to 50% but later withdrew the plan when Ontario Premier Doug Ford agreed to postpone the electricity surcharge on the US.

Within the U.S., the decision is expected to protect domestic manufacturers but is also causing concern. Over the past two months, steel prices have risen by more than 30% and aluminum prices by 15%. Domestic businesses face increased production costs, particularly in the automotive, home appliance, and food packaging industries.

Ngoc Anh (according to WH, Fox News, AFP)

Source: https://www.congluan.vn/my-ap-thue-25-len-thep-va-nhom-nhap-khau-cac-nuoc-phan-ung-du-doi-post338175.html