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The implementation of US steel and aluminum tariffs has spar

Date锛�2025-03-13 19:15Editer锛歛dminRead锛�锛�

On March 12th local time, the US government's measure to impose a 25% tariff on all imported steel and aluminum officially came into effect. Reuters reported that the effective steel and aluminum tariffs apply to millions of tons of imported steel and aluminum from countries such as Canada, Brazil, Mexico, and South Korea, which were previously exempt from tariffs in the United States. The French newspaper Le Figaro commented that the new tariff policy of the United States marks a new stage in the trade war with its major trading partners. Within just one day on the 11th, the Trump administration's tariff threat against Canadian steel and aluminum products changed again and again, ultimately maintaining the same 25% additional tariff as other countries, instead of the earlier threatened 50%. In addition, since Trump's return to the White House, the European Union has been hit for the first time by the US raising tariffs and quickly announced countermeasures, planning to impose tariffs on 26 billion euros worth of US goods starting next month. EU officials have bluntly stated to the US "Political News Network" that "tough retaliation" has become the only "good medicine" for the EU. On the 12th, European Commission Commissioner for Trade and Economic Security, Marosh Shevchovich, said, "I advocate avoiding unnecessary measures and countermeasures, but you need a partner to do it. Applause requires two hands. CNN reported that Trump claimed that the tariffs were aimed at correcting obvious trade imbalances and revitalizing domestic industries in the United States, but this could potentially trigger a global trade war. The EU announcement was released at 6am.
As early as his first presidential term, Trump imposed tariffs of 25% and 10% on imported steel and aluminum, respectively. Several major trading partners of the United States, including Canada, Mexico, the European Union, and the United Kingdom, later obtained varying degrees of duty-free quotas. On February 10th of this year, Trump signed an executive order announcing a 25% tariff on all steel and aluminum products imported into the United States, as well as the cancellation of steel and aluminum duty-free quotas and exemptions for some trading partners. He also stated that he would consider imposing taxes on automobiles and other products. CNN stated that this marks the first time during Trump's second term that tariffs have been imposed on all countries.
The Associated Press cited data from the European Steel Industry Alliance, stating that due to the implementation of US steel and aluminum tariffs, the EU may lose up to 3.7 million tons of steel exports. The United States is the second largest export market for EU steel producers, accounting for 16% of the total EU steel exports. European media called the US tariffs "unreasonable and destructive".
The EU quickly responded. The European Commission announced on the 12th that tariffs will be imposed on US goods worth up to 26 billion euros starting from April. "We deeply regret this measure. Tariffs are taxes. They are bad for enterprises, and even worse for consumers. These tariffs are disrupting the supply chain. They bring uncertainty to the economy," said von der Leyen, president of the European Commission.
The announcement of the European Commission was released at 6am, which itself conveyed a signal that the EU was already prepared, "said the French newspaper" Echo ".
The EU's countermeasures will be implemented in two stages. The first phase starts on April 1st, and the tariff countermeasures against Trump's first term in 2018 and 2020 will automatically resume, involving 8 billion euros of US goods. The European Commission stated that this is the first comprehensive implementation of these balancing measures, and tariffs will apply to a range of US goods, from ships and bourbon whiskey to motorcycles. In addition, the EU plans to further expand the list of retaliatory tariffs to cover agricultural and consumer goods, including chicken, beef, dairy products, sugar, as well as household appliances, kitchenware, leather products, etc. This round of new tariffs is expected to cover 18 billion euros of US goods. If approved, the new measures for the second phase will take effect in mid April.
European news television stated that despite its response, the European Commission remains open to resolving the issue through negotiations. Von der Leyen has entrusted the European Commission Commissioner in charge of trade and economic security affairs Malosh Shevchovich to resume negotiations with Washington and seek alternative solutions.
Canada imposes retaliatory tariffs today
According to Agence France Presse, German Chancellor Scholz condemned the United States for imposing new steel and aluminum tariffs on the 12th and stated that Germany is "studying the recommendations of the European Commission" to take retaliatory measures. I think the US tariff decision is wrong, and we will respond appropriately and quickly
Despite industry calls for 'decisive action', the UK has not yet announced any countermeasures. According to a report by the British Broadcasting Corporation (BBC) on the 12th, UK Business and Trade Secretary Jonathan Reynolds stated that the US tariffs are "disappointing", but the UK is "focused on pragmatic approaches" and "rapidly negotiating a broader economic agreement with the US to eliminate additional tariffs that benefit British businesses and our economy".
After failing to obtain an exemption from the US tariffs on imported steel and aluminum, Australian Prime Minister Albanese stated on the 12th that the Trump administration's tariff decision is "completely unreasonable". He also stated that tariffs and escalating trade tensions are a form of "economic self harm" that can lead to slower growth and higher inflation. The Brisbane Times of Australia commented that this is Albanese 'strongest criticism of Trump so far. But the Australian Prime Minister stated that the country will not take retaliatory tariff measures and will continue to seek exemptions from the United States.
According to Kyodo News, Japanese Foreign Minister Tsuyoshi Iwaya departed from Japan on the 12th to attend the G7 Foreign Ministers' Meeting held in Canada. He will coordinate a separate meeting with US Secretary of State Rubio during his stay in Canada and consider working again with the US to obtain exemptions from steel and aluminum tariffs.
As the largest source of imported steel and primary aluminum for the United States, Canada's game with the United States is even more intense. Due to Ontario Governor Doug Ford's announcement on the 10th that he will impose electricity export surcharges on users in three northeastern states of the United States, Trump threatened on the 11th to impose a 50% tariff on steel and aluminum from Canada. But after Ford suspended the relevant plans, Trump chose to maintain the 25% tax rate.
In response, Canadian Finance Minister Dominic Lebron announced on the 12th that Canada will impose retaliatory tariffs on goods worth 29.8 billion Canadian dollars from the United States starting from the 13th. According to CNN, Ford and US Commerce Secretary Lutnik announced on the 11th that they will meet with LeBron on the 13th local time to renegotiate the US Mexico Canada Agreement.
The Canadian "Global News" website stated that although Trump has been in office for less than 100 days, he has already imposed tariffs on Canada and other major trading partners, and threatened to impose more tariffs in the future. The escalating trade war between the United States and Canada has triggered retaliation from Ottawa and various provinces against the United States, disrupted the stock market, and raised concerns on both sides of the border about recession and inflation.
The possibility of the United States falling into recession increases
Some related industries in the United States also welcome the implementation of steel and aluminum tariffs. According to the BBC, the American Iron and Steel Association, which represents the interests of American steel manufacturers, stated that this will create job opportunities and promote the development of the domestic steel manufacturing industry in the United States. On the 11th, Trump also told major business executives at the Business Roundtable that tariffs will encourage companies to invest in American factories. The higher the tariffs, the greater the possibility of them building factories, "Trump said.
Business leaders, CEOs, and COO feel nervous and even uneasy about the policies being implemented, how they are being implemented, and the consequences, "Mark Zandi, Chief Economist at Moody's Analytics, told The Washington Post
The Associated Press believes that steel and aluminum tariffs may increase the costs for manufacturers using these metals as raw materials. In addition, economists have found that the benefits gained by the US steel and aluminum industry as a result will also be offset by the increased costs of "downstream" manufacturers using their products. The US International Trade Commission found in 2023 that due to tariffs, the output value of these downstream companies decreased by nearly $3.5 billion in 2021, exceeding the $2.3 billion output growth of steel and aluminum producers that year.
Reuters reported that American businesses had generally been optimistic about Trump's election, driven by promises of deregulation and tax cuts. However, they have been discussing tariffs since the beginning of this year. Meanwhile, congressional Republicans have not yet reached a consensus on the tax cut plan. The US business community has warned that the uncertainty brought about by Trump's tariff threats and constantly changing trade policies is beginning to have a chilling effect on many industries, with consumers cutting back on expenses in everything from basic goods to travel.
BBC  According to a recent report, Oxford Economics has lowered its economic growth forecast for the United States this year from 2.4% to 2%. Alec Kesman, the head of the Asia Pacific region at Pinduoduo Investment Management, told Consumer News and Business Channel on the 12th that the "likelihood" of the United States falling into a recession in 2025 due to tariffs is about 35%, higher than the estimated 15% in December last year, although the company's basic forecast is for growth of 1% to 1.5%.