President Donald Trump on Monday ordered 25% tariffs on all steel and aluminum imports, escalating his trade moves against some of the nation’s closest allies.
Trump told reporters on Monday that he would announce “reciprocal tariffs,” likely on Tuesday or Wednesday, on countries that have placed tariffs on US goods.
“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way,” Trump said.
Here’s what the economy would look like under a Trump or Biden presidency
Steel and aluminum were among the first products that Trump targeted during his first term. He imposed tariffs of 25% on steel and 10% on aluminum but later granted some duty-free exemptions for trade partners, including Canada, Mexico, and Brazil.
This time, Trump said he is giving “great consideration” to an exemption for Australia — a country with which the US has a trade surplus.
“We have a surplus with Australia. One of the few. And …
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