Trump plans 25% tariffs on all imports of Steel and Aluminium - ING

LME Auminium was steady this morning after Trump announced plans to impose 25% tariffs on all imports of Steel and Aluminium into the US. The US imports significant volumes of Aluminium and Steel from Canada, ING's commodity experts Ewa Manthey and Warren Patterson note. 

US president imposes tariffs on imported Aluminium and Steel

"In 2023, net US Aluminium imports were 44% of its total consumption, with Canada the biggest supplier, accounting for 56% of imports. Meanwhile, around 30% of Steel imports into the US arrived from Canada. Only last week, Trump delayed plans to hit Canada and Mexico with general import duties of 25%."

"With Trump back in the White House, uncertainty and unpredictability are running high. Prolonged trade conflict would slow global growth and hurt demand for industrial metals. In 2018, the US president imposed a 10% duty on imported Aluminium and a 25% tariff on imported Steel to promote domestic metal production."

"The duties on Canada and Mexico were lifted a year later after a new free trade agreement between the two countries and the US."