U.S. President Donald Trump signed a proclamation on March 11, reinstating a 25% tariff on steel imports and a 10% tariff on aluminum imports. Key steel exporters to the U.S. include Canada, Brazil, Mexico, South Korea, and nations. Top aluminum exporters are Canada, the United Arab Emirates, Russia, and China.
Trump stated that these tariffs would greatly benefit American businesses. However, exceptions may be considered for Australia concerning aluminum imports for American manufacturers.
The European Union has cautioned against the imposition of tariffs. EU Commissioners have stated that they will act to protect the interests of European companies, workers and consumers from any adverse measures. They consider tariffs to be economically counterproductive and potentially disruptive to global markets. The EU is reportedly preparing retaliatory measures on selected American products.
Australian Prime Minister Anthony Albanese confirmed discussions with the U.S. President, indicating that Trump has agreed to consider an exemption in the interest of both nations.