India, Feb. 11 -- President Donald Trump has announced a 25 percent tax on all steel and aluminum imported into the United States. According to a presidential proclamation that Trump signed on Monday, the hiked tariffs will come into effect on March 12.
"This is a big deal, the beginning of making America rich again," he said. "Our nation requires steel and aluminum to be made in America, not in foreign lands," Trump told reporters.
This will make the prices of these critical metals cheaper for American consumers, according to the president.
Total steel imports as a share of U.S. consumption increased significantly in 2024, reaching nearly 30 percent. Imports from countries with which the United States has reached alternative agreements ...