President Donald Trump indicated on Sunday that he plans to announce a new round of tariffs early this week that includes 25% tariffs on all imports of steel and aluminum and separate reciprocal tariffs.
The steel and aluminum tariffs will apply to all countries, while the other reciprocal tariffs will be on countries that tax U.S. imports. Trump said he would announce the metal tariffs on Monday, but did not specify when they would take effect. The president also said he would announce the reciprocal tariffs on Tuesday or Wednesday, and those would take effect “almost immediately.”
Trump unveiled his plan to reporters aboard Air Force One as he headed to the Super Bowl in New Orleans. In his comments, he defended the idea of more tariffs, which he has used as leverage throughout the first few weeks of his second term.
“Tariffs are going to help. Tariffs are going to make it very successful,” he said.
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The new tariff plan follows a standoff with Mexico and Canada after Trump was set to impose 25% tariffs on all U.S. imports from the two countries. Hours before they were set to take effect, Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau committed to working with the Trump administration on border security, prompting a 30-day pause.
A separate 10% tariff announced at the same time on Chinese products imported into the U.S. did take effect, though Trump scaled it back slightly after restoring an exemption for products under $800 coming from the Asian country.
