Trump to Implement New Tariffs Amid Trade Tensions
In a bold move signaling escalating trade tensions, US President Donald Trump announced on Sunday that he will reveal new reciprocal tariffs against various trade partners this coming Tuesday or Wednesday. Speaking aboard Air Force One as he traveled to New Orleans for the Super Bowl, Trump stated, "It's very simple: if they charge us, we charge them. If they are charging us 130 and we are not charging them anything, that won't work."
When pressed about the specifics of these upcoming tariffs, Trump confirmed that a 25% tariff on steel and aluminum imports would be officially announced the following day, further asserting that these measures would be enacted almost immediately across all countries.
The implications of Trump's tariff announcements could be significant, especially for traditional allies in Europe, including Spain. According to data cited by the Spanish newspaper El Mundo, Spain ranks as the tenth largest steel exporter to the US, having shipped approximately 290,000 tons in the last 11 months. The economic stakes are high, with the value of these exports estimated at around $263 million—a stark 22% decrease from 2023, despite a 4% increase in overall US imports of steel.
In aluminum exports, Spain ranks twenty-eighth with a total of 19,664 tons valued at approximately $13.29 million. The broader impact of Trump's tariffs is likely to be felt in countries with significant trade volumes with the US. Canada, Brazil, and Mexico emerge as major steel suppliers affected by these developments, while Canada, the United Arab Emirates, and China comprise the main sources of aluminum imports.
Trump's administration may extend its tariff measures beyond steel and aluminum; industries potentially facing taxes include semiconductors, pharmaceuticals, and oil and gas products. Last Friday, during discussions about upcoming tariffs, Trump stated that reciprocal tariffs would commence next week. Just last month, he had already implemented a 10% tariff on Chinese products and a 25% tariff on goods from Canada and Mexico, albeit delaying their enforcement for one month to negotiate additional border security agreements.
As these trade policies unfold, it remains to be seen how they might reshape international trade relationships and impact the US economy as well as its global trading partners.
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