Trump to slap 25% tariffs on steel and aluminum imports as businesses brace for higher supply costs: report

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President Donald Trump told reporters on Sunday that he will formally announce plans for the US to implement duties of 25% on imports of steel and aluminum, the first salvo in what could be the beginning of a trade war.

The US leader spoke aboard Air Force One with reporters as he traveled to New Orleans to watch the Super Bowl, according to Bloomberg, which will be held tonight between the Kansas City Chiefs and the Philadelphia Eagles. Trump is due to watch the game alongside House Speaker Mike Johnson and Senate Majority Whip John Barrasso.

Levying of tariffs on steel and aluminum imports is a shot across the bow of its two North American neighbors, Canada and Mexico, which make up two of the largest sources of US steel imports. Other major trading partners include Brazil and South Korea.

This is a breaking news story, and will be updated.