Tariffs on steel and aluminum imports/ 25% increase takes effect

The 25% tariff increase on steel and aluminum imports officially took effect today. The tariff imposed by President Trump was intended to reshape trade norms in favor of American manufacturing.

Trump's move to increase safeguards for U.S. steel and aluminum producers reinstates global tariffs of 25% on metal imports. The tariffs affect hundreds of metal products.

Trump said any tariffs on Canada would be doubled to 50%, but pulled back after Ontario Premier Doug Ford agreed to suspend the 25% surcharge on energy exports to the US.

This shook US financial markets but left unchanged Trump's plans to strengthen Section 232 national security tariffs on steel and aluminum imposed in 2018 during his first term.

Most US-Canada trade remains duty-free under the USMCA trade agreement that Trump signed in 2020, but he continues to complain about Canada's high tariffs on dairy products./ CNA

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