Trump announces 25% tariffs on steel, aluminum imports

President Donald Trump announced plans to impose 25% tariffs on all steel and aluminum imports, affecting major trading partners like Canada and Mexico, with the announcement expected on February 10, 2025. Trump emphasized a strategy of 'reciprocal tariffs' that would match duties imposed by other countries, reinforcing his commitment to 'fair trade.' The tariffs aim to bolster domestic production but could lead to higher prices for consumers, raising concerns among economists. Canadian officials have criticized the tariffs, arguing that U.S. manufacturers rely on Canadian aluminum. This move revives Trump's previous trade policies from his first term, which had mixed outcomes for domestic steel production. A detailed outline of the reciprocal tariffs is anticipated later in the week, as tensions around trade continue to escalate.