U.S. President Donald Trump said on Sunday he will introduce 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties, in another major escalation of his trade policy overhaul.
Here's a summary of the major trade partners it will affect.
Steel
Roughly a quarter of all steel used in the United States is imported, primarily from Mexico, Canada, Japan, South Korea, and Germany. Although China is the world's largest steel producer, it exports very little to the U.S. due to 25% tariffs imposed in 2018. Last year, China exported 508,000 net tons, accounting for just 1.8% of total U.S. steel imports.
Aluminum
The U.S. is more heavily reliant on aluminum imports, with roughly half of its aluminum coming from abroad. Canada is the largest supplier, exporting 3.2 million tons last year—twice as much as the next nine countries combined. Other significant sources include the United Arab Emirates (347,034 metric tons) and China (222,872 metric tons).
The U.S. aluminum smelting industry is relatively small, accounting for just 1.73% of global capacity, according to the U.S. Geological Survey.
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The U.S. Commerce Department has expanded steel and aluminium tariffs on Tuesday, to include more than 400 products, aiming to protect domestic industries.
China has introduced its first renewable energy consumption targets for key industrial sectors and data centres.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
The British steel industry is grappling with its most significant crisis in decades, as the government has been forced to intervene in an emergency bid to save the country's last operational blast furnaces at British Steel.
Japan has lifted a tsunami advisory issued after an earthquake with a magnitude of 6.9 hit the country's northeastern region on Friday (12 December), the Japan Meteorological Agency (JMA) said. The JMA had earlier put the earthquake's preliminary magnitude at 6.7.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
Kyiv has escalated its naval campaign against Moscow’s economic lifelines, claiming a successful strike on a vessel suspected of skirting international sanctions within the Black Sea.
An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) cut its benchmark interest rate by 25 basis points to a range of 3.50% to 3.75% following its two-day policy meeting, according to an official statement issued on Wednesday, 10 December.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
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