Donald Trump to announce raft of new trade tariffs including on steel
Published On Feb 9, 2025, 7:50 PM
President Trump has announced a new 25% import tax on all steel and aluminum imports to the U.S., citing the goal of reciprocal tariffs on countries that impose taxes on U.S. imports. This decision primarily affects Canada, the U.S.’s largest supplier of aluminum, as well as major steel exporters like South Korea. Stocks of companies such as POSCO holdings and Kia Corp dropped following this announcement, highlighting market concerns regarding these tariffs and potential retaliatory measures from trading partners. Trump's trade policies, which he believes will boost the U.S. economy and protect jobs, could lead to increased tension with other nations, particularly China.
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On the other hand, companies in the U.S. that produce steel and aluminum might benefit from less foreign competition due to these tariffs, potentially seeing stock price gains in response.
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