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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.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
U.S. markets closed mostly flat Friday, capping a third winning week out of four.
U.S. President Donald Trump signed the GENIUS Act into law on Friday, creating the first U.S. regulatory framework for dollar-backed stablecoins and marking a major win for the crypto industry.
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.
As some top global banks scale back climate efforts, India is moving forward with mandatory rules for lenders to report and manage climate-related financial risks.
The Indian rupee is expected to open stronger on Friday, supported by gains in other Asian currencies and a temporary pause in the U.S. dollar index’s upward trend.
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