Asian and EU steelmakers' shares fall after Trump escalates tariffs [Yahoo! Finance Canada]
VOESTALPINE AG UNSP/ADR (VLPNY)
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Source: Yahoo! Finance Canada
President Donald Trump said he would introduce 25% tariffs on all steel and aluminium imports within hours in addition to existing metals duties. As the risk mounts of a multi-front trade war, the European Union (EU) has flagged it may retaliate and Trump has promised further announcements on Tuesday or Wednesday of broader reciprocal tariffs to match those of countries importing U.S. goods. Speaking to reporters on his way to Sunday's NFL Super Bowl in New Orleans, Trump said he would announce the metals tariffs on Monday and the reciprocal tariffs soon afterwards, adding "if they charge us, we charge them". The largest sources of U.S. steel imports are Brazil, Canada and Mexico, followed by South Korea and Vietnam, according to government and American Iron and Steel Institute data. Meanwhile, Canada, whose extensive hydropower resources aid its metal production, accounted for 79% of U.S. primary aluminium imports in the first 11 months of 2024. During his first four-year t
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