Feb 10, 2025 (Baystreet.ca via COMTEX) --
Canada is likely to be impacted as U.S. President Donald Trump moves to impose 25% tariffs on American imports of steel and aluminum.
Canada is currently the largest exporter of both industrial products to the U.S. and will feel the impacts of the tariffs more than any other nation, say analysts and economists.
Trump said the new 25% levies would be in addition to existing duties. Steel and aluminum are vital components in various industries, including transportation, construction, and packaging.
That said, U.S. steel imports have declined substantially over the past decade, dropping 35% between 2014 and 2024. The decline is due largely to tariffs introduced under Trump's first term.
America's aluminum imports, however, have risen 14% over the last decade, with much of the increase coming from Canada.
During his first presidency, Trump slapped tariffs on steel and aluminum imports from Canada, Mexico and Europe. His administration also placed volume limits on imports from other nations.
The Congressional Research Service found that in the first five months of the 2018 duties being levied, the Trump administration collected more than $1.4 billion U.S. in revenue.
The new tariffs on steel and aluminum come even after Canada and Mexico were granted a temporary respite from blanket duties on all their exports to the U.S. until March 1.
Canada currently exports more steel to the U.S. than the rest of the world combined, according to data from the U.S. International Trade Administration.
COMTEX_462653246/2559/2025-02-10T09:42:39
