- President Trump announces 25% tariffs on all steel and aluminum imports
- Tariffs target all imports, not specific countries
- U.S. steel companies’ stocks rise, while Bitcoin remains unaffected
President Trump said Sunday that he will announce 25% tariffs on all steel and aluminum imports into the United States on Monday.
The new development is on trend with recent actions by the new white house. During its first month in office, Trump had already announced that he’d be raising tariffs on three of the largest U.S. trading partners: Mexico, Canada, and China.
The announcement was made at Air Force One while the President was on his way to New Orleans to watch the Super Bowl. Moreover, this new tariff appears to not target one single country, but rather all steel and aluminum imports.
“Any steel coming into the United States is going to have a 25% tariff,” the President said. Later after being questioned by a reporter, the Republican also confirmed that aluminum imports will also receive a 25% tax.
This new development appears very similar to the measure Trump imposed during his first term as President. At the time, he had raised steel tariffs to 25%, while aluminum imports received only a 10% tax.
Canada and Brazil, the two top metal suppliers to the U.S. will be the most affected by the new tariffs. Meanwhile, U.S. steel companies like Cleveland-Cliffs and Nucor have seen their stocks up 14% and 8*, respectively.
Bitcoin Didn’t Take a Hit From New Tariffs
As for the crypto market, the news of new tariffs on metal imports didn’t seem to affect the market as much. While previous reports of potential trade wards with China and Canada have led investors to become more risk-averse due to the potential for inflationary repercussions.
This new development hasn’t truly caused the same effect due to the immediate potential it has to boost the steel industry in the U.S., potentially leading to more new jobs created and more controllable inflation.
As a result, Bitcoin traded around the same $97k margin, currently up 1.35% over the last 24 hours at $97,318.
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