Former U.S. President Donald Trump signed an executive order imposing a 25% tariff on all steel and aluminum imports into the United States. In March 2018, during his first term, Trump had initially imposed tariffs of 25% on steel and 10% on aluminum imports. However, exemptions were later granted to certain countries, including Canada, Mexico, and Australia, while Brazil, South Korea, and Argentina were given duty-free quota agreements based on pre-tariff import volumes.
During the administration of former President Joe Biden, additional exemptions were extended to the United Kingdom, Japan, and the European Union.
Continuing to use tariffs as a tool to reduce trade deficits and protect national interests during his second term, Trump once again signed executive orders to impose a 25% tariff on steel and aluminum imports. Following the signing ceremony in the Oval Office, Trump declared, "This is the beginning of making America wealthy again."
Trump emphasized that the tariffs would apply to all countries without exception, arguing that domestic production would lower prices and create jobs.
U.S. Steel Imports in 2024
According to the World Steel Association (Worldsteel), U.S. steel production in 2024 decreased by 2.4% annually to 79.5 million tons. Data from the U.S. International Trade Administration under the Department of Commerce shows that the U.S. imported 26.2 million metric tons of steel in 2024. While steel imports increased by 2.5% compared to the previous year, they showed a significant decline over the past decade.
Between 2014 and 2024, U.S. steel imports dropped by approximately 35%. In 2024, the U.S. imported steel worth $32.99 billion. The country imported steel from 79 different nations, with Canada being its largest supplier, accounting for $7.7 billion of steel imports. This was followed by Brazil ($4.5 billion), Mexico ($3.3 billion), and South Korea ($1.9 billion). While annual fluctuations occurred between 2019 and 2024, steel imports have been declining since their peak in 2022.
The top sources of U.S. steel imports in 2024 were Canada, Brazil, Mexico, South Korea, Germany, Japan, Taiwan, Vietnam, the Netherlands, Trinidad and Tobago, Italy, and China.
Growing International Reactions
Many countries and regions, especially the European Union, have strongly opposed the tariff decision. China denounced the U.S. approach as a "typical act of unilateralism," while Japan requested an exemption from the tariffs. Mexican Economy Minister Marcelo Ebrard stated on Tuesday that the decision was "neither justified nor fair."
Canadian Prime Minister Justin Trudeau also condemned the tariffs, calling them "unacceptable."
European Commission President Ursula von der Leyen joined other world leaders in criticizing the move, stating that the 27-member bloc would take "firm and proportionate countermeasures."
As global reactions intensify, the future course of this trade dispute remains uncertain.
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