Donald Trump announced on Monday that his administration is imposing 25% tariffs on foreign steel and aluminum, aiming to strengthen U.S. industries by reducing reliance on imports.
He emphasized that the move would prevent foreign dumping, boost domestic production, and secure the steel and aluminum sectors as critical to both the economy and national security.
Trump also signaled additional reciprocal tariffs to be announced later in the week, despite warnings of potential retaliation from trade partners.
The new tariffs, which raise duties from the 10% rate set in 2018, effectively end waivers granted under President Biden and reinstate restrictions on duty-free imports.
Defending his approach, Trump dismissed concerns about foreign retaliation and suggested that tariffs could generate substantial revenue for the U.S. economy. While economists warn that such measures may drive up costs for American consumers, Trump remains confident that tariffs provide leverage in trade negotiations and help revitalize key industries.
