President Donald Trump has announced that the U.S. will place 25% tariffs on all steel and aluminum imports. He said Monday that he will also announce reciprocal tariffs on countries taxing U.S. imports over the next two days. The effort follows tariffs placed on China and paused on goods from Canada and Mexico — which will not be excepted from the steel and aluminum tariffs. They are the country's largest suppliers of the metals.
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It's official: President Donald Trump has signed an order imposing 25% tariffs on steel and aluminum. No exemptions. No exclusions. No quota deals. This decision mirrors the Section 232 tariffs Trump introduced during his first administration, which were initially justified on national security grounds. For context, many of those tariffs were later rolled back under the Biden administration through tariff-rate quota agreements, easing tensions with allies while maintaining restrictions - especially on China. Today's action by the US President reinstates then a 25% tariff on millions of tons of steel imports and aluminum imports that had been entering the U.S. duty free under quota deals, exemptions and thousands of product exclusions. #ustariff #ustariffs #tariff #tariffs #steel #aluminium
The latest 25% steel & aluminum tariffs are set to likely drive up costs for New Mexicans — especially in housing, manufacturing and clean energy. New Mexico already faces a 32,000-unit affordable housing shortage. Companies like Array Technologies, Maxeon Solar and Arcosa Wind Towers could see increased costs, impacting the state's rapidly growing clean energy sector. Economist Kelly O’Donnell warns of economic uncertainty: “We are basically kicking off a trade war.” #NewMexico #Tariffs #CleanEnergy #Manufacturing #nmpol
"Tariffs would be one of the worst ways to try to offset the cost of tax cuts," says Tax Foundation's Erica York about potential tariff impact on the pending House budget reconciliation bill https://trib.al/gNFdHly
Tariffs up again. Steel and aluminum at 25%. Most of the tariff increases will affect US alllies like Canada. Remember that the US imports almost none from China. https://lnkd.in/gcBiGpKx
President Trump has signed an executive order imposing 25% tariffs on steel and aluminum imports. His advisers call it “strategic,” but history shows it’s more about profits than national security. ? Trump imposed similar tariffs in 2018, claiming they’d protect U.S. industry. ? But steel production was already rising due to deregulation and tax cuts. ? The real winners? U.S. steel companies, which raised prices and boosted profits while hurting U.S. Manufacturers and Jobs. ? Mid-Continent Steel and Wire saw sales drop by half in 2018, forcing layoffs. ? Ford and GM lost $750M and $1B, cutting worker bonuses and jobs. ? Fabricated metals manufacturing remains 35,000 jobs below pre-tariff levels. ? Tariffs Created Uncertainty and Retaliation ? Canada and Mexico were later exempted under a new NAFTA deal. ? Special agreements were made, but the damage was done. ? Steelmakers thrived post-pandemic but now struggle with weak manufacturing and high interest rates. ? They blame imports for lower prices, yet steel remains 50% above pre-pandemic levels, aluminum a third higher. ? Stocks for major steel companies, like Cleveland-Cliffs, surged nearly 18% on tariff-driven profit expectations. Bottom line: Steel producers get a windfall—while manufacturers, workers are hurt.
Steel tariffs are terrible for a lot of stuff, but especially for Tesla’s low-cost car. Tesla has made a point in recent years of emphasizing that they need to get their car costs down in order to offer their highly anticipated mass-market vehicle that normies can afford. That will be a lot harder to do with higher aluminum and steel costs. In the company’s?latest 10-K, aluminum and steel were listed first among the company’s raw materials. Additionally, about 20% to 25% of Tesla’s vehicle parts are made in Mexico, according a?filing?last year from the National Highway Traffic Safety Administration. Automotive supply chains are long and convoluted, but it’s safe to say Trump tariffs, or retaliatory ones, wouldn’t be good for the company or its consumers. (The filing combines parts made in the US and Canada, so you can’t break out how much of the 60% to 75% of those parts come from Canada.) The company is seemingly aware of the damage tariffs could cause. “Over the years, we’ve tried to localize our supply chain in every market, but we are still very reliant on parts from across the world for all our businesses,” Chief Financial Officer Vaibhav Taneja said during the company’s?fourth-quarter earnings call. “Therefore, the imposition of tariffs, which is very likely, will have an impact on our business and profitability.” To deal with those higher costs, Tesla would likely have to raise prices on their cars — not really a great option when you’re trying to sell a cheaper car — or accept that margins would fall.
President Trump said Sunday that he would announce 25% tariffs on all imports of steel and aluminum on Monday - a long telegraphed but major levy that will apply to friendly and adversarial nations alike. But details are not fully clear and he’s hit the brakes on tariff threats before. https://lnkd.in/edEr_jRV
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Just announced so there's no detail around this yet. Waiting now to see how much demand is impacted, but we're already seeing falling #bauxite prices in preparation #china #chinaeconomy #aluminium https://lnkd.in/gVgRvREa
From his plane and on the way to the Superbowl, #Trump announced that he will announce some time later this week: 1. the imposition of 25% tariffs on steel & aluminum from all foreign producers; 2. the imposition of reciprocal tariffs on some trading partners. Thanks to Gemma Veness at ABC News for the interview. We discussed the impact of Donald Trump's announcement on Australian exports; the potential challenges for the Albanese government in negotiating exemptions, likely requiring direct talks between Anthony Albanese and Trump; and the continuing uncertainty for government and businesses alike. https://lnkd.in/g4fnU5kH