Washington: U.S. President Donald Trump has announced plans to impose 25 percent tariffs on all steel and aluminum imports coming into the United States "without exceptions or exemptions," raising concerns over its ramifications on South Korean and other exporters. On Monday, Trump signed two proclamations regarding the sweeping tariffs, while affirming a plan to announce "reciprocal" tariffs "over the next two days"-duties on U.S. imports designed to match tariff rates that other countries impose on U.S. exports.
According to Yonhap News Agency, during his first term, Trump imposed a 25 percent tariff on steel imports and 10 percent on aluminum imports on national security grounds. The new measures will remove exceptions, exemptions, and duty-free quotas for U.S. trading partners, while raising the tariff on aluminum to 25 percent. They are set to take effect on March 12. Trump emphasized the simplicity of the new tariffs to reporters, stating, "It's 25 percent without exceptions or exemptions, and that's all countries, no matter where it comes from."
Trump argued that these measures are necessary to revitalize U.S. manufacturing and production. He expressed that America was "being pummeled by both friend and foe alike" and highlighted the need for steel and aluminum to be produced domestically. "It's time for our great industries to come back to America ... This is the first of many," he stated.
In response to potential retaliation from other countries, Trump remained unfazed, asserting, "If they retaliate, as I said, it's reciprocal." He also hinted at the possibility of imposing tariffs on other items such as cars, semiconductors, and pharmaceuticals, indicating that "cars is going to be a very big one and a very important one."
Ahead of the announcement, South Korea's acting President and Deputy Prime Minister Choi Sang-mok convened a meeting of top government officials to discuss the potential impact of the new U.S. tariffs on metals. South Korea, a major exporter of steel to the U.S., shipped 2.77 million tons of steel products to the United States last year, according to the Korea Iron and Steel Association.
Trump has already imposed a 10 percent tariff on all Chinese goods entering the U.S., while temporarily pausing a 25 percent tariff on Canada and Mexico as they agreed to enhance efforts to prevent drug trafficking at their borders with the U.S.