President Donald Trump on February 10 announced 25 percent tariffs on all steel and aluminum products entering the United States, threatening to further ignite the trade war that has shaken markets worldwide.
Trump signed proclamations raising the U.S. tariff rate on aluminum to 25 percent from his previous 10 percent rate and eliminating country exceptions, quota deals, and product-specific tariff exclusions for both metals. A White House official confirmed the measures would take effect on March 4.
The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea, and other countries that had been entering the U.S. duty free under the carve-outs.
The move will simplify tariffs on the metals, Trump told reporters at the White House.
"It's 25 percent without exceptions or exemptions. That's all countries, no matter where it comes from, all countries," he said.
Trump later said he would give "great consideration" to Australia's request for an exemption to the steel tariffs due to that country's trade deficit with the United States.
SEE ALSO: China Strikes Back With Tariffs As Trade War With Trump Heats UpGovernment and industry statistics show that Canada, Brazil, Mexico, and South Korea are the biggest sources of U.S. steel imports. Canada supplies nearly 80 percent of U.S. imports of aluminum.
Trump also told reporters he would on either February 11 or 12 "probably" unveil "reciprocal tariffs" on countries that already have levied duties on U.S. products.
"If they are charging us 130 percent and we're charging them nothing, it's not going to stay that way," Trump said.
Trump's trade adviser Peter Navarro said the latest measures would help U.S. steel and aluminum producers and shore up America's economic and national security.
"The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America's economic and national security," he told reporters.
"This isn't just about trade. It's about ensuring that America never has to rely on foreign nations for critical industries like steel and aluminum."
Experts have said the tariffs could roil the world economy.
On February 3, Trump warned Americans they may face economic "pain" because of the trade tariffs he had announced over the previous weekend on Canada, Mexico, and China -- the top three U.S. trading partners.
He later stated tariffs on Canada and Mexico would be paused for 30 days after he said the leaders of the two countries pledged stronger border measures to stop migrant crossings and illicit drugs.
Trump has also said placing tariffs on foreign goods will help bring production of such items back to the United States.
The U.S. president has also threatened tariffs on goods from the European Union, saying they would "definitely happen" and "pretty soon." He also suggested Britain could be the target of tariffs.
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Trump has long complained about the EU's 10 percent tariffs on U.S. cars when the U.S. rate on European cars is 2.5 percent, although rates vary depending on the vehicles.
French President Emmanuel Macron on February 9 said U.S. tariffs on Europe would increase inflation in the United States and told CNN that Trump should not focus his attention on America's allies within the EU.
Stock markets worldwide tumbled after Trump initially announced tariffs against Canada, Mexico, and China, but they rallied after he expressed willingness to negotiate on the levies.