Steel coils are shown at the Ternium steel plant in San Nicolas de los Garza, Mexico, as U.S. President Donald Trump announced a 25% tariff on aluminum and steel imports into the United States on February 11, 2025.
Daniel Becerril | Reuters
The 25% tariffs on steel and aluminum imports declared by U.S. President Donald Trump took effect on Wednesday, amid worries that these duties could lead to a recession in the largest economy in the world.
The White House confirmed the tariffs, which will impact Canada and several other countries, late Tuesday. However, they clarified that Trump no longer intends to increase the tariffs on metal imports from Canada to 50%.
This development represents the latest chapter in an ongoing trade conflict characterized by bold tariff announcements, along with subsequent adjustments and postponements by Trump.
On Wednesday, the European Union announced that it would implement counter-tariffs on U.S. goods worth 26 billion euros ($28.33 billion) starting in April, in retaliation to the steel and aluminum duties. The European Commission stated that these counter-measures are intended to “shield European businesses, workers, and consumers from the adverse effects of these unwarranted trade restrictions.”
Australian Prime Minister Anthony Albanese criticized Trump’s decision to impose tariffs, calling it “utterly unjustified.”
“It undermines the spirit of the longstanding friendship between our two nations and contradicts the advantages our economic partnership has provided for over 70 years,” he remarked during a press conference.
Last month, Trump suggested he was contemplating exemptions for Australian steel and aluminum exports to the U.S.
Albanese further noted that Australia would not retaliate with reciprocal tariffs on U.S. imports, as such measures would only lead to higher prices for Australian consumers.
This is an evolving story and will be updated shortly.
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