Trump’s new steel and aluminum tariffs to impact major trade partners
Time:Wed, 12 Feb 2025 07:53:02 +0800
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US President Donald Trump signed an executive order to impose a 25% tariff on all imported steel and aluminum, cancel exemptions and quota agreements to all countries, and terminate specific tariff exemptions for hundreds of thousands of steel and aluminum products, which will take effect on March 12.
The affected countries include Canada, Mexico, Brazil, South Korea, Japan, and the EU, which previously enjoyed duty-free quotas or exemptions. South Korea and Japan, which enjoy duty-free quotas of 2.63 million and 1.25 million tons per year respectively, will face a restoration of tariffs.
US steelmakers will benefit from the full tariff imposition. Analysts believe the new tariffs may affect demand initially, but investment may inflow in the long term.
Taiwan may benefit relatively because it was subject to a 25% tariff in 2018 and its tax rate is now the same as that of other countries. The new policy covers downstream products, and the impact on Taiwan remains to be seen.
