Doubled tariffs on metals take effect - Trump's move hits Canada and Mexico especially hard
The United States doubled tariffs on most steel and aluminum imports, further escalating the global trade war. The move comes as President Trump expects trading partners to submit better offers to avoid more tariffs in early July.
The White House has signed an executive order that puts into effect his surprise announcement last week that he was raising tariffs on steel and aluminum imports to 50% from 25%.
"We started with 25% and then after studying the data more. We realized that it was a big help, but more help is needed. And that's why 50% starts today," said the official US sources.
The increase applies to all trading partners except Britain, the only country so far to have reached a preliminary trade deal with the US during a 90-day pause on a wider range of Trump tariffs. The rate on steel and aluminium imports from the UK, which is not among the top exporters of either metal to the US, will remain at 25% until at least July 9.
About a quarter of all steel used in the U.S. is imported, and Census Bureau data shows that the increased tariffs would hit the U.S.’s closest trading partners, Canada and Mexico, especially hard. The countries are No. 1 and No. 3, respectively, in steel shipment volumes to the United States.
Canada is even more exposed to aluminum tariffs as the top exporter to the U.S., with roughly double the combined volumes of the top 10 exporters. The United States gets about half of its total aluminum from foreign sources.
Official Canadian sources stated that they are “engaged in intensive negotiations to remove these and other tariffs.” Mexico’s Economy Minister, Marcelo Ebrard, reiterated that the tariffs were unsustainable and unfair, especially considering that the country imports more steel from the US than it exports.
"It makes no sense for the United States to impose a tariff on a product for which they have a surplus," he said, adding that the country would seek an exemption from the measure.
The sudden tariff hike rattled markets for both metals this week, especially aluminum, which has more than doubled in price this year. With little current capacity to increase domestic production, import volumes can only be reduced if rising prices dampen demand.
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