President Donald Trump has unveiled plans to impose new tariffs on all steel and aluminum imports in a major escalation of his global trade shake-up.
Journalists on board Air Force One en route to the Super Bowl were left scrambling on Sunday afternoon as President Trump made the startling revelation.
‘Any steel coming into the United States is going to have a 25 per cent tariff,’ he told reporters as they all traveled from Florida to New Orleans, sparking a frenzied rush to publish the news while battling limited reception in the air.
‘Aluminum, too’ he added, will also be subject to the trade penalties.
This will include imports from Canada and Mexico, and will likely extend to other import and reciprocal duties to be announced later in the week.
These new tariffs, expected to be formally announced Monday, will come on top of existing metals duty imports.
During his first term, Trump imposed a 25 per cent tariff on steel and 10 per cent on aluminum, but conceded to duty-free quotas for certain trade partners, including Canada, Mexico and Brazil.
Trump also told the reporters on board he would announce reciprocal tariffs on Tuesday or Wednesday, to take effect almost immediately.
While on board Air Force One en route to the Super Bowl with a plane full of journalists, President Trump made the startling revelation
This means Trump intends to impose import duties on products in cases where another country has levied duties on American goods.
‘If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,’ he said.
‘Very simply, it’s if they charge us, we charge them.’
During his election campaign, Trump was outspoken in his plans to bolster the domestic steel industry by introducing tariffs to encourage industries to produce and buy locally.
‘I am totally against the once great and powerful U.S. Steel being bought by a foreign company, Trump said at the time, pledging to make U.S. Steel ‘Strong and Great Again.’
The Steel Manufacturers Association supports Trump’s tariffs, and just last week urged him to consider a tougher approach to steel imports.
‘President Trump and the USTR should strengthen and expand existing tariffs to support American steel manufacturing and close the loopholes and exemptions that have reduced the impact of the tariffs,’ SMA President Philip Bell said.
‘America’s steel industry is the backbone of our economy, building the roads and bridges that make up our infrastructure. Steel is critical to our energy security, in particular our robust oil and gas production.
‘Any steel coming into the United States is going to have a 25% tariff,’ he told reporters as they all traveled from Florida to New Orleans , sparking a frenzied rush to publish the revelation while battling limited reception in the air
‘A healthy steel industry is also vital to our national security, supplying the steel used in our munitions, tanks, battleships, and aircraft carriers.’
Bell said the domestic steel industry in the United States last benefited from Trump’s presidency in 2018, when he ‘first instituted national security-related tariffs on steel in March 2018.
‘President Trump responded to an industry that was suffering from surges of dumped imports, instituting the tariffs to support manufacturing in America.
‘The tariffs achieved their goals. American steel manufacturing rose in response.’
Bell warned that China is planning to dump more steel in the global market than even the United States can produce annually in an effort to counter their own ‘stagnated economy.’
Gold, meanwhile, hit new highs on Monday morning as buyers sought safe assets amid rising fears of a global trade war triggered by Trump’s swipes at foreign imports.
The price per ounce reached $2,900 today with experts suggesting it could keep climbing past $3,000.
The jump represents a nine per cent hike this year alone.
Trump’s latest promised tariffs are coming earlier in his presidency than during his previous years in the White House, when he prioritized tax cuts and deregulation.
Financial markets fell on Friday after Trump first floated his idea of reciprocal tariffs. Stock prices also dropped, with many respondents citing the tariffs as a growing concern.
Donald Trump travelled to New Orleans for the Super Bowl. Pictured: February 9, 2025
Allies also stand to lose out from the proposed tariffs. While Britain has so far avoided Trump’s threats, the country’s blighted steel industry stands to suffer with the U.S. accounting for a tenth of its steel exports.
Angela Eagle, a Home Officer minister in the British government, told Sky News today the government would ‘wait and see’ the final proposals.
‘We have a very balanced trading relationship with the US, I think £300 billion worth of trade between our countries, and I think it’s in the best interests of both of us, as long-standing allies and neighbours, that we carry on with that balanced trade,’ she said.
‘We will have to wait and see whether the president gets more specific about what he meant by that comment on the way to the Super Bowl.’
Australia, too, has raised concerns about the impact such measures might have on their steel exports to the U.S.
Prime Minister Anthony Albanese said he has had ‘scheduled’ a phone call with Trump to discuss the steel and aluminum tariffs.
The Australian share market’s benchmark S&P/ASX200 was 0.5 per cent weaker causing an estimated $15billion loss following the announcement.
A tariff on Australian goods would be a ‘slap in the face’ for domestic industry and the US-Australian alliance, Australia Industry Group chief executive Innes Willox said.
When asked about aluminum, he responded, ‘aluminum, too’ will be subject to the trade penalties
Trump on Sunday did not offer any further details about the steel and aluminum duties, or the reciprocal tariffs.
Barely a week ago, Trump threatened 25 per cent import taxes on all goods from Canada and Mexico, but paused the policy for 30 days after working with leaders from both nations.
At the same time, he proceeded to add 10 per cent duties on all imports from China.
After crisis talks with Canada’s Justin Trudeau, Trump said: ‘As President, it is my responsibility to ensure the safety of ALL Americans, and I am doing just that.
‘Canada has agreed to ensure we have a secure Northern Border, and to finally end the deadly scourge of drugs like Fentanyl that have been pouring into our Country, killing hundreds of thousands of Americans, while destroying their families and communities all across our Country.’
Canada vowed to implement a $1.3billion border policy in an effort to combat organized crime, fentanyl and money laundering at the border in exchange for Trump’s promise to halt his tariffs for 30 days.
Simultaneously, Mexico also fell in line, agreeing to send 10,000 national guardsmen to the border to stop human trafficking and the flow of fentanyl.
