Importers are starting Monday off with some bad news. According to reports, Trump has announced he will extend his trade war with more imports — this time on steel and related products.
The Lowdown
Donald Trump has announced more tariffs (including more against Mexico and Canada) as his trade war extends. On Sunday, while en transit to the Super Bowl Trump told reporters aboard Air Force One that he has ordered a 25% tariff on all steel and aluminum imports coming into the United States. Those fees are on top of additional import duties.
The new tariffs are expected to be formally announced later this week. On Sunday, it emerged that Trump plans to implement ‘reciprocal tariffs’ against countries that charge the U.S. but the U.S. doesn’t charge them.
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