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US President Donald Trump has announced a 25% tariff on all steel and aluminum imported into the US. Trump's latest move will have a big impact on Canada.
Canada and Mexico are America's two largest steel trading partners. Canada is the largest supplier of imported aluminum metal to the United States. In the previous term, Trump imposed a 25 percent tax on steel and 10 percent on aluminum imported from Canada, Mexico and the European Union.
But a year later, the United States signed an agreement with Canada and Mexico to end such taxes. But the import tax imposed for EU countries was maintained until 2021.
'If they tax us, we tax them,' Trump said. Trump's latest move is seen to increase tensions with various countries. China has already given the same response to the import tax imposed by the Trump administration.
President Trump has said that he will impose retaliatory tariffs on all countries that tax goods imported from the United States. According to the BBC, Trump has not mentioned anything about which countries will be charged with such a tax, which will be announced this weekend.
Speaking on Air Force One on Monday, Trump said that he will announce tariffs on steel and aluminum for all countries. "Any steel coming into the US will be taxed at 25 percent," he said.
In response to the new announcement, Doug Ford, the Premier of the province of Ontario, Canada, has accused Trump of creating chaos and putting our economy at risk. Canadian steel production is concentrated in Ontario.
