Trump cancelled deals with allies EU, UK, Japan, Australia, others – no exception tariffs

Trump extended steel and aluminum tariffs to apply to all imports, effectively ending agreements with the European Union, the United Kingdom, Japan, and other countries.

The new executive order strengthens the original 2018 tariffs—set at 25% on steel and 10% on aluminum—by increasing duties, closing loopholes, and removing exemptions, according to a White House official.

More here ICYMI:

• Key take away – Trump’s 25% steel and aluminium tariffs – NO EXEMPTIONS or EXCEPTIONS
• White House says 25% steel tariffs will apply to all countries

March 4 is the target date for the new tariffs to kick in. This is the day the 30 day pause on Mexico and Canada tariffs is due to end.

As for domestic prices for steel and aluminium. Just over 80% of aluminum used in the US is imported,so these new blanket tariffs are likely to drive prices higher for US customers. Steel perhaps not so much, with imports of finished steel accounting for around 20% of US use.

This article was written by Eamonn Sheridan at www.forexlive.com.