iNDICA NEWS BUREAU-
President Donald Trump has announced that the United States will implement new tariffs on steel and aluminum imports starting Monday, February 10.
The new tariffs will impose a 25% charge on all steel imports and a 25% tariff on aluminum.
Trump explained that the rationale behind the tariffs is simple: if other countries impose charges on the U.S., the U.S. will do the same in return.
Previously, Trump had suggested the possibility of a universal tariff ranging from 10% to 20%. His administration was tasked with reviewing this idea as part of a broader trade assessment set to conclude by April 1.
Trump clarified, however, that the new tariffs would be applied universally to all countries, with the announcement expected to be made early in the week.
Trump emphasized that the policy is designed to ensure fairness, stating that if other nations charge the U.S., the U.S. will impose equivalent tariffs. This approach aims to prevent any country from gaining an unfair advantage.
The U.S. has historically had lower tariffs than other countries on similar goods, but Trump did not mention whether there would be any exemptions from the new tariffs. He has frequently criticized the higher tariffs imposed by foreign governments on U.S. products, particularly cars.
Trump also referred to the Reciprocal Trade Act, a key part of his campaign platform, which would grant him the authority to impose tariffs on foreign goods equal to the tariffs those countries impose on American products. This measure, he has argued, would force countries to either eliminate their tariffs or pay the U.S. a significant amount in tariffs, benefiting the U.S. economy.
