United States tariffs on all steel and aluminium wey dem import enta di kontri don begin.
President Donald Trump 25 percent tariffs duty “wit no exceptions or exemptions,” wey im sama on metals import begin on Wednesday.
And US trading partners quickly express objections, wit some sharply announcing dia revenge. Dis one don add more ginger to di world economic war wey President Donald Trump start.
Dis new tariffs dey come as exemptions, duty-free quotas and product exclusions expire. While di duty on aluminium see increase from 10 percent.
US also sama separate tariffs on Canada, Mexico and China, wit plan to tax imports from European Union, Brazil and South Korea also by charging “reciprocal” rates starting for April 2.
For Australia, Prime Minister Anthony Albanese call di move “entirely unjustified … and against di spirit of our two nations’ enduring friendship” but rule out do-me-I-do-you-back duties.
Meanwhile, two leading South Korean steelmakers announce say dem dey consider to invest in new facilities for US, supporting Trump claim say im tariffs dey encourage foreign investment for di country.
Timelines of Trump tariffs
25 November 2024:Donald Trump say one of im first executive orders wen dem swear am enta office go be to charge Mexico and Canada 25% tariff on all dia products wey enta di US.
Im say di tariff go remain until fentanyl and “illegal aliens” stop to enta US.
1 February 2025: Di US president fulfil im promise by implementing 25% tariffs on goods from Canada and Mexico, plus anoda 10% tax on China, wey dem bin say go become effective on 4 February.
4 February 2025: Trump make u-turn, come agree to press pause for 30 days on Canada and Mexico tariffs afta last-minute calls wit Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.
5 March 2025: Tariffs on goods from Canada, Mexico and China begin 00:01, and Canada and China respond wit retaliatory tariffs – Mexico say e go soon respond.
6 March 2025: One day later, Trump grant Mexico temporary rest on tariffs – until 2 April. Later dat day, Canada too get di same suspension deal – though some products from both kontris go still get tariff.
11 March 2025: Donald Trump respond to Ontario Premier Doug Ford threat to tax electricity wey dem dey export go US by doubling di tariff wey dem bin plan for Canada steel and aluminium imports to 50%.
Di US president later do u-turn, reverse am back to 25% and Ford too suspend im own threat.
12 March 2025: One 25% duty on all steel and aluminium wey dem import enta US begin – affecting all of US trade partners including EU, wey react as e sama im own €26bn (£21.9bn, $28.3bn) worth of counter-measures.
Wetin be tariffs and how e dey work?
Tariffs na tax wey kontris dey specially charge on products wey dem import from oda kontris.
Di companies wey dey carry di foreign goods enta na im go pay di kontri goment di tax.
Tariffs na percentage of di price of di product. 20% tariff on Chinese goods mean say product worth $10 (£7.76) go get additional $2 charge.
Companies fit choose to pass some or all of di cost of tariffs to customers.
US bin dey charge lower tariffs on goods dan oda kontris.
Trump new tariffs – and im promise to introduce more “revenge” tax on goods from oda konntris – fit lead to sharp increase in di price wey pipo go pay for di good for US and around di world.
Why Trump dey sama tariff upandaTariffs na di koko for Oga Trump overall economic vision.
E say tariffs go boost US manufacturing and protect jobs, raise tax revenue and grow di domestic economy.
Im also say e wan restore America trade balance wit im foreign partners – reducing di gap wey exist between how much di US dey import from and export to individual kontris.
But im refuse to rule out possibility say dis im trade policy fit to cause economic recession.
However, di tariff wey im just dey sama plus dey change upandan dey threaten di market, causing fear of economic slowdown plus threaten to make consumers pay more.
Di European Commission respond almost immediately as di tarrif begin, announcing say imsef dey counter tariffs on 26 billion euros ($28bn) worth of US goods beginning next month.
“Dis one match di economic scope of US tariffs,” Ursula von der Leyen, president of European Commission, tok for one statement, adding say dem go impose am in two steps and fully implement am by April 13.
Di head of di EU executive also repeat dia believe say oga Trump push to to change trade for world, dey damage Western unity in di face of rising challenges.
“We go always remain open to negotiation,” she say. “We firmly believe say inside dis world wey dey full of geopolitical and economic uncertainties, e no dey in our common interest to load our economies wit tariffs.”
Canada, di biggest foreign supplier of steel and aluminium to US, say e dey consider revenge actions.
British Business and Trade Secretary Jonathan Reynolds say “all options dey on di table” to respond in national interest.