Trump: "Big deal"
New tariffs on aluminum and steel in the USA now fixed
US President Donald Trump has made good on his announcement and announced new tariffs of 25% on all steel and aluminum imports into the US. By signing the corresponding decrees, he fulfilled an election campaign promise to impose tariffs on imports that match those levied by other countries on US exports.
It initially remained unclear when the tariffs would come into force. Several US media outlets reported a start date of March 4, citing government sources.
Trump: "This is a big deal"
"Today I am simplifying our tariffs on steel and aluminum," said Trump in the White House. "That's a big deal. (...) It's 25 percent with no exceptions or exemptions," Trump said (see video above)
"However, if it (steel and aluminum, ed.) is made in the United States, there are no tariffs, zero. (...) You just have to make it in the United States. We don't need it from another country," the president continued.
In this way, America would become rich again. In principle, there should be no exceptions or exemptions. At the same time, however, Trump held out the prospect of a special arrangement for Australia in the case of steel tariffs. The USA is also considering special tariffs on vehicles, chips and pharmaceutical products. According to the US President, he would not object if other countries were to take retaliatory measures.
EU sees no justification for tariffs
In his first term of office until 2021, Trump also introduced additional levies on steel and aluminum. At the time, the EU responded with tariffs on selected US products such as jeans, whisky and motorcycles.
Brussels has already announced a response to the new US special tariffs on steel and aluminum that are now planned. However, the EU will only react once it has received detailed or written clarifications. The EU sees no legitimate reason for the introduction of tariffs on its exports.
Canada's Industry Minister François-Philippe Champagne called the US tariffs "completely unjustified" in a statement, saying steel and aluminum from Canada support key US industries such as defense, shipbuilding, energy and automotive. In South Korea, the industry ministry called on steelmakers to discuss ways to minimize the impact of the tariffs.
Hong Kong even plans to file a complaint with the World Trade Organization (WTO), as the US had completely ignored the city's status as an independent customs territory, Chief Secretary Eric Chan said on Tuesday.
Possible exemption for Australia
Trump justified Australia's possible exemption from the tariffs with a US trade surplus with the country. "And the reason is that they buy a lot of airplanes. They're pretty far away and they need a lot of airplanes," Trump said.
Australia only plays a minor role in the global steel export markets. However, the country has significant deposits of iron ore, an important raw material for steel production. Should Trump agree to an exemption for Australia, it would be one of the first countries to be subject to such a regulation.
Situation on the steel market could become more complicated
The new US tariffs on steel will further complicate the situation on the steel market, which is strategically important for many industrial sectors. It has already been destabilized by overproduction in China and sputtering blast furnaces in Europe.
Washington's preferred steel supplier is Canada. According to the US Department of Commerce, the USA imported 5.95 million tons from its northern neighbor last year. Brazil exported 4.08 million tons of steel to the USA, the EU 3.89 million tons, followed by Mexico and South Korea with 3.19 and 2.5 million tons respectively. China, on the other hand, only exported around 470,000 tons to the USA.
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