‘This is a big deal, the beginning of making America rich again,’ Trump said in February.
President Donald Trump’s 25 percent tariffs on all steel and aluminum imports went into effect shortly after midnight on March 12.
In addition to imposing levies on steel and aluminum from all U.S. trading partners, the White House restored and expanded Section 232 tariffs by eliminating hundreds of agreed-upon exemptions and exclusions approved by former President Joe Biden or during Trump’s first term.
The President announced last month that he was introducing new standards that mandate steel be “melted and poured” and aluminum be “smelted and cast” in North America to prevent nations like China from circumventing trade restrictions.
The purpose, Trump says, is to stop countries from taking advantage of the United States, to bolster domestic production, and to return jobs to the U.S. economy.
“This is a big deal, the beginning of making America rich again,” Trump told reporters at the Oval Office on Feb. 10.
“Our nation requires steel and aluminum to be made in America, not in foreign lands.”
The United States relies more on aluminum imports than on steel. Commerce Department data suggest that the United States produces most of its steel, while it imports approximately a quarter of the metal. However, the United States produces just a little more than half of the country’s aluminum and imports 44 percent.
Still, foreign markets are poised to be adversely affected by the tariffs.
In 2024, Canada was the top country from which the United States imported steel: a total of about 6 million tons. This was followed by Brazil (4.1 million), Mexico (3.2 million), and South Korea (2.5 million).
Last year, Canada accounted for more than 50 percent of aluminum shipped to the U.S. economy.
President Trump rocked financial markets on March 10 when he announced on Truth Social that he would raise tariffs on Canadian aluminum and steel imports to 50 percent.
The threat came after Ontario Premier Doug Ford slapped a 25 percent surcharge on electricity exports to some U.S. states and threatened to cut off their electricity.
By Andrew Moran
