What are the top 10 facts about the U.S. steel tariffs ordered by President Donald Trump on Monday?
These import taxes will spark trade wars around the world, because many affected countries will predictably respond with retaliatory tariffs.
Here are the top 10 facts about U.S steel tariffs:
Tariff
U.S. Customs will apply a 25% tariff on steel and aluminum imports from anywhere in the world.
Effective
The tariffs will begin to apply on March 4, 2025, according to White House officials briefed on Trump’s plan.
Current Tariffs
Trump imposed tariffs of 25% on all steel imports and 10% on aluminum imports in 2018, but with exceptions for several major suppliers.
Exceptions
The U.S. has granted exceptions to the 2018 tariffs to Brazil and South Korea for steel and Argentina for steel and aluminum in exchange for quotas. Also to Australia, Canada, Mexico, for both metals. And to the European Union, Japan and the United Kingdom, through tariff quota systems.
Steel imports
In 2024, the United States recorded imports of steel and steel products, including iron, worth $81.1 billion. This represents a year-on-year decrease of 1.3 percent.
Aluminum imports
In 2024, the United States imported aluminum and its manufactures worth $27.442 billion. This amount represents an increase of 0.1 percent compared to the previous year.
Mirror tariffs
Trump stated that he intended to apply reciprocal tariffs to countries that imposed tariffs on U.S. products. This announcement would become effective in the coming days.
Production processes
Trump will implement a new regulation in the United States. This will require steel imports to be “smelted and poured” and aluminum to be “smelted and cast” within the region. The measure seeks to curb imports of minimally processed Chinese steel into the country.
Steel exporters
In 2024, the largest exporters of steel and steel fabrications to the United States were Canada, China, Mexico, South Korea and Brazil. Canada topped the list with $12.984 billion, followed by China with $12.476 billion. Next, Mexico registered 10.450 billion, while South Korea reached 5.056 billion. Lastly, Brazil exported 4.982 billion. These sales also include iron.
Aluminum exporters
In 2024, the main exporters of aluminum and its manufactures to the United States were Canada, China, Mexico, United Arab Emirates and South Korea. Canada led with 11.372 billion dollars, while China registered 2.876 billion. Mexico exported 1,827 million dollars, although it does not produce aluminum. The United Arab Emirates reached 1,195 million dollars and South Korea closed the list with 928 million dollars.