United States President Donald Trump announced he will impose 25% tariffs on all imports of aluminum and steel on Monday. Trump told reporters aboard Air Force One that the duties will apply to all countries without specifying when they would take effect.
Trump reiterated that Nippon cannot have a majority stake in US Steel. During his meeting with Japanese Prime Minister Shigeru Ishiba in Washington on Friday Trump said he would prefer Japan to invest in the factory without buying it. In addition, he announced reciprocal tariffs against foreign countries which will take effect on Tuesday and Wednesday.
China already retaliated with counter-tariffs targeting imports of US liquefied natural gas, coal, crude oil, and farm equipment ranging from 10% to 15%. The tariffs officially took effect at 12:00 am Beijing Time on Monday. At the same time, German Chancellor Olaf Scholz revealed that the European Union is ready to respond within hours if Trump slapped tariffs on the bloc.
