Trump's expected tariffs on steel and aluminum will affect millions of tons of imports - Bloomberg

The duties on steel and aluminum that US President Donald Trump wants to impose will affect millions of tons of imports. Analysts note that any import duties applied to metals or mining products could lead to higher domestic prices for local buyers of these materials. Bloomberg writes about this, UNN reports.

Details

"The aluminum and steel tariffs were among the first to be put in place during President Donald Trump's first term. On Saturday, these measures are expected to be renewed, affecting millions of tons of imported metal. The United States relies on foreign supplies to meet demand for metals used in the construction and production of vehicles, technology, and military equipment. Its closest trading partners are also among the main sources of steel and aluminum imports," the publication writes.

According to the US Department of Commerce, Canada, Brazil and Mexico were the three largest sources of imported steel in the country last year.

"The US steel industry is coming off its worst year since Trump's first term in office. Domestic steel mills say that the new increase in imports is hurting profits and production. For aluminum, a more valuable metal than steel, the US consumed about 4 million tons in 2023, with net imports accounting for 44% of the total. According to a Morgan Stanley study, Canada was the source of 56% of aluminum imports," the publication adds.

Morgan Stanley analysts believe that the construction of new plants could take three or more years, and thus any import duties applied to metals or mining products could lead to higher domestic prices for local buyers of these materials.

Recall

US President Donald Trump saidthat he will follow through on his threat to impose a 25% tariff on imports from Canada and Mexico this Saturday, February 1. He cited the flow of fentanyl and a large trade deficit as the reasons for his decision.