The United States officially rolled out its expanded tariffs on steel and aluminum imports on Wednesday, enforcing the 25 percent duties with “no exceptions,” as promised by the White House.
The 25 percent tariffs imposed by President Donald Trump on steel and aluminum are set to increase production costs across various industries, including home appliances, automobiles, and beverage cans, which could eventually lead to higher prices for consumers.
Since returning to office, Trump has implemented significant tariffs on key US trade partners, including Canada, Mexico, and China. While some reductions were made for neighbouring countries, he has pledged new levies to take effect from April 2.
The new tariffs are expected to hit Canada hard, as it supplies around 50 percent of US aluminum imports and 20 percent of its steel imports, according to a recent analysis by EY’s chief economist, Gregory Daco.
In addition to Canada, Brazil and Mexico are significant steel suppliers to the US, while aluminum comes from nations like the United Arab Emirates and South Korea.
