By Christopher Rugaber and Darlene Superville, Associated Press
Washington (AP) – President Donald Trump said he will announce on Monday that the United States will impose 25% prices on all imports of steel and aluminum, including Canada and Mexico, as well as D ‘Other import rights later in the week.
“Any steel entering the United States will have a 25%price,” he told journalists on Air Force One on Sunday when he went from Florida to New Orleans to attend the Super Bowl. Asked about aluminum, he replied: “Aluminum too” will be subject to commercial penalties.
The actions of American steel companies have increased sharply in the term exchange before the opening bell on Monday. Cleveland-Cliffs, who wants to buy US Steel from Pittsburgh, jumped 8%. American steel increased by 5%. Nucor increased by almost 8% and the dynamics of steel increased by more than 6%.
Trump also reaffirmed that he would announce “reciprocal rates” – “probably Tuesday or Wednesday” – which means that the United States would impose import rights to products in cases where another country has made it possible to hand over rights on American products.
“If they charge us 130% and we do not charge them anything, that will not remain so,” he told journalists.
Trump’s comments are the latest example of his desire to threaten and, in some cases, to impose import taxes. The prices arrive much earlier in his presidency than during his previous four years at the White House, when he prioritized tax reductions and deregulation. Trump, a Republican, alternately declared that he considered import taxes as tools to force concessions on issues such as immigration but also as a source of income to help close the government’s budget deficit.
The financial markets fell on Friday after Trump said for the first time that he would impose the reciprocal prices. The equity prices also dropped after a measure of the feeling of consumers decreased on Friday, largely because many respondents cited the prices as an increasing concern. The investigation also revealed that the Americans expect inflation to check in the coming months due to the functions.
Trump did not offer any detail on Sunday in steel and aluminum tasks, nor on reciprocal rates. Trump previously threatened 25% import taxes on all goods from Canada and Mexico, although he interrupted them for just a week. At the same time, it added 10% of imports to imports from China.
However, Friday, he said that he would also delay the rates on the millions of small packages – often of rapid fashion companies such as Temu and Shein – until customs officials can find ways to impose them. Small packages were previously exempt from prices.
Trump’s latest remarks aroused the immediate concern of certain global business partners.
The acting president of South Korea, Choi Sang-Mok, called on Monday a meeting with the main leaders of the country’s foreign and trade policy to examine how the prices offered by Trump on steel and aluminum would affect its industries.
The Choi office, which is also the country’s finance minister, said that the officials had discussed the potential impact and possible Seoul responses, but that specific details of the meeting had not been disclosed. The equity courses of South Korean Steelmakers, including Posco and Hyundai Steel, dropped while the market opened its doors on Monday. South Korea has sent around $ 4.8 billion in steel in the United States from January to November from last year, which represented 14% of its world’s exports of products during the period.
Superville reported on the Air Force One. The writer Associated Press Kim Tong-Hyung in Seoul, South Korea, contributed to this report.
Originally published:
California Daily Newspapers
