Donald Trump won the United States presidential election on 5 November 2024, and within weeks he put tariffs back at the centre of the steel trade debate. On 25 November the president-elect posted on his Truth Social platform that, on his first day in office on 20 January 2025, he would impose 25 percent tariffs on all goods from Canada and Mexico until they clamped down on drugs and migrants crossing the border, and an additional 10 percent tariff on Chinese goods. Canada and Mexico are major suppliers of steel and aluminium to the United States, so the tariffs would be likely to raise American steel prices and disrupt North American supply chains built under the US-Mexico-Canada Agreement. The Mexican peso fell 1.4 percent and the Canadian dollar 1 percent the following day, and Mexico said it would retaliate, as it did in 2018 when it answered US steel tariffs with matching duties.
Source: Mondaq — https://www.Mondaq.com/unitedstates/international-trade-investment/1551624/trump-announces-25-tariff-on-mexico-and-canada
Photo: Wikimedia Commons (freely licensed).