Kathmandu: According to the Associated Press (AP), former U.S. President Donald Trump announced plans to impose a 25% tariff on all steel and aluminum imports, including those from Canada and Mexico. Speaking to reporters aboard Air Force One, Trump confirmed that additional trade duties would be announced later in the week.
He also reaffirmed his intent to introduce “reciprocal tariffs” on countries imposing higher duties on U.S. goods, saying, “If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way.”
The announcement rattled financial markets, causing stock prices to fall as concerns over trade tensions and inflation grew. South Korea, a major steel exporter to the U.S., immediately convened a high-level meeting to assess the potential impact of the tariffs.
Trump’s latest tariff threats come after a brief pause on proposed import duties on Canadian and Mexican goods, while he has already imposed a 10% duty on imports from China. However, he delayed tariffs on small-package imports from fast-fashion retailers like Temu and Shein.
South Korea, which exported $4.8 billion worth of steel to the U.S. last year, saw stock prices of key steelmakers drop following the announcement. The South Korean government is reviewing possible responses to protect its industry.