Trump plans 25% tariffs on steel, aluminum imports

President Donald Trump has announced plans to impose a 25% tariff on all imports of steel and aluminum into the United States, affecting all countries, including Canada and Mexico. This decision has raised significant concerns among Canadian steel producers, who emphasize the potential disruption to both economies given their high level of trade integration, with $20 billion in steel trade annually. Trump is also expected to introduce reciprocal tariffs targeting countries that impose taxes on U.S. imports, indicating a broader strategy to leverage tariffs for trade negotiations. The announcement has sparked fears of inflation and market instability, as financial markets reacted negatively to the news. Canadian officials are calling for a swift response to Trump's tariffs, demanding that the Canadian government take retaliatory measures to safeguard the steel and aluminum sectors. The tariffs are set to be formally announced on Monday, with reciprocal tariffs to follow shortly thereafter.