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Donald Trump to impose 25% tariffs on steel and aluminium imports

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Donald Trump to impose 25% tariffs on steel and aluminium imports

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Donald Trump said he would on Monday impose 25 per cent tariffs on all steel and aluminium imports, expanding his trade conflicts to the metals sector in a new burst of protectionism from Washington.

The US president made the announcement during a briefing with reporters as he flew from his Mar-a-Lago estate in Florida to attend the Super Bowl in New Orleans on Sunday evening.

In addition to the measures on steel and aluminium products, Trump said he would later in the week unveil new reciprocal tariffs targeting imports from a wide range of countries that impose levies on US exports.

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The promised tariffs on steel and aluminium come as Trump has launched his second term with an aggressive trade policy that has rattled global currency markets, sparked fears of a renewed burst of US inflation and targeted America’s largest trading partners.

Trump last week came within hours of setting 25 per cent tariffs on imports from US neighbours Canada and Mexico, only to offer them a 30-day reprieve. But the administration has pressed ahead with 10 per cent tariffs on Chinese imports, which triggered retaliation from Beijing that took effect on Sunday.

Canada, China and Mexico are the biggest exporters to the US of steel and aluminium products, but Trump’s proposed levies would potentially ensnare countries from Brazil to Germany to South Korea.

Tariffs on metals imports have been championed by some US trade unions as well as domestic producers, but they risk raising input costs for a wide range of US manufacturers. In 2023, the US imported $82.1bn of steel and iron and $27.4bn of aluminium, while exporting $43.3bn of steel and iron and $14.3bn of aluminium.

Responding to Trump’s promise of steel and aluminium tariffs, the European Commission said: “We will react to protect the interests of European businesses, workers and consumers from unjustified measures,” adding that it had not received any official notification of new levies.

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Trump took aim at the metals industry during his first term, imposing a 25 per cent tariff on steel and 10 per cent on aluminium, before subsequently granting exemptions to several trading partners, including Canada and Mexico.  

The EU retaliated to Trump’s 2018 metals tariffs by imposing levies on a series of US imports, including bourbon whiskey, Harley-Davidson motorcycles and motor boats. 

Joe Biden later reached an agreement with the EU, replacing the tariffs with a quota system, but that also allowed for the reimposition of duties this year if talks between the sides failed to make progress.

Following Trump’s latest metals tariff plan, the dollar rose 0.1 per cent on Monday against a basket of currencies including the euro, yen and pound. Aluminium traded on the London Metal Exchange was up 0.4 per cent to $2,639 per tonne.

Shares in South Korean steelmakers Hyundai Steel and Posco Holdings fell 2 per cent and 0.8 per cent respectively, underperforming the Kospi benchmark index.

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Shares in ArcelorMittal, one of Europe’s largest producers, dropped 2.5 per cent.

Seoul’s Ministry of Industry, Trade and Energy held an emergency meeting with steel industry executives on Monday as they raced to find more details. “We will jointly respond actively to minimise the impact on our companies,” it said.

Australia’s Prime Minister Anthony Albanese said his country’s companies “have significant investments in [the] US steel industry creating thousands of jobs in both the US and in Australia”. 

“We will continue to make the case for Australia’s national interest with the US administration,” Albanese said.

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The steel industry has historically been a lightning rod for trade tensions, with several nations last year introducing levies against imports. The US tripled its tariffs on Chinese steel last year, while the EU launched an anti-dumping investigation into Chinese tin-coated steel products. Mexico and Brazil also raised tariffs. 

Trump’s latest pledge comes as the White House has said it will block Nippon Steel’s takeover of US Steel following Joe Biden’s decision to do the same.

But Trump has said he would work on allowing a large investment, though not a majority stake, in the Pennsylvania-based producer by its Japanese rival, and insisted that tariffs would help. “Tariffs are going to make [US Steel] very successful. And I think it has good management,” Trump said.

Shares in Nippon Steel were down 0.4 per cent in Tokyo on Monday.

Trump did not say how exactly he intended to apply the reciprocal tariffs he promised to announce in the coming days.

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“Very simply, if they charge us, we charge them,” he said.

Additional reporting by Sam Learner in New York, Arjun Neil Alim in Hong Kong, Nic Fildes in Melbourne, Song Jung-a in Seoul, Sylvia Pfeifer in London and Andy Bounds in Brussels

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Amazon accused of listing products from independent shops without permission

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Amazon accused of listing products from independent shops without permission

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Amazon has been accused of listing products from independent retailers without their consent, even as the ecommerce giant sues start-up Perplexity over its AI software shopping without permission.

The $2.5tn online retailer has listed some independent shops’ full inventory on its platform without seeking permission, four business owners told the Financial Times, enabling customers to shop through Amazon rather than buy directly.

Two independent retailers told the FT that they had also received orders for products that were either out of stock or were mispriced and mislabelled by Amazon leading to customer complaints.

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“Nobody opted into this,” said Angie Chua, owner of Bobo Design Studio, a stationery store based in Los Angeles.

Tech companies are experimenting with artificial intelligence “agents” that can perform tasks like shopping autonomously based on user instructions.

Amazon has blocked agents from Anthropic, Google, OpenAI and a host of other AI start-ups from its website.

It filed a lawsuit in November against Perplexity, whose Comet browser was making purchases on Amazon on behalf of users, alleging that the company’s actions risked undermining user privacy and violated its terms of service.

In its complaint, Amazon said Perplexity had taken steps “without prior notice to Amazon and without authorisation” and that it degraded a customer shopping experience it had invested in over several decades.

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Perplexity in a statement at the time said that the lawsuit was a “bully tactic” aimed at scaring “disruptive companies like Perplexity” from improving customers’ experience.

The recent complaints against Amazon relate to its “Buy for Me” function, launched last April, which lets some customers purchase items that are not listed with Amazon but on other retailers’ sites.

Retailers said Amazon did not seek their permission before sending them orders that were placed on the ecommerce site. They do not receive the user’s email address or other information that might be helpful for generating future sales, several sellers told the FT.

“We consciously avoid Amazon because our business is rooted in community and building a relationship with customers,” Chua said. “I don’t know who these customers are.”

Several of the independent retailers said Amazon’s move had led to poor experiences for customers, or hurt their business.

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Sarah Hitchcock Burzio, the owner of Hitchcock Paper Co. in Virginia, said that Amazon had mislabelled items leading to a surge in orders as customers believed they were receiving more expensive versions of a product at a much lower price.

“There were no guardrails set up so when there were issues there was nobody I could go to,” she said.

Product returns and complaints for the “Buy for Me” function are handled by sellers rather than Amazon, even when errors are produced by the Seattle-based group.

Amazon enables sellers to opt out of the service by contacting the company on a specific email address.

Amazon said: “Shop Direct and Buy for Me are programmes we’re testing that help customers discover brands and products not currently sold in Amazon’s store, while helping businesses reach new customers and drive incremental sales.

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“We have received positive feedback on these programmes. Businesses can opt out at any time.”

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Trump says Venezuela will turn over 30 million to 50 million barrels of oil to US | CNN Business

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Trump says Venezuela will turn over 30 million to 50 million barrels of oil to US | CNN Business

President Donald Trump said Tuesday night that Venezuela will turn over 30 million to 50 million barrels of oil to the United States, to be sold at market value and with the proceeds controlled by the US.

Interim authorities in Venezuela will turn over “sanctioned oil” Trump said on Truth Social.

The US will use the proceeds “to benefit the people of Venezuela and the United States!” he wrote.

Energy Secretary Chris Wright has been directed to “execute this plan, immediately,” and the barrels “will be taken by storage ships, and brought directly to unloading docks in the United States.”

CNN has reached out to the White House for more information.

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A senior administration official, speaking under condition of anonymity, told CNN that the oil has already been produced and put in barrels. The majority of it is currently on boats and will now go to US facilities in the Gulf to be refined.

Although 30 to 50 million barrels of oil sounds like a lot, the United States consumed just over 20 million barrels of oil per day over the past month.

That amount may lower oil prices a bit, but it probably won’t lower Americans’ gas prices that much: Former President Joe Biden released about four to six times as much — 180 million barrels of oil — from the US Strategic Petroleum Reserve in 2022, which lowered gas prices by only between 13 cents and 31 cents a gallon over the course of four months, according to a Treasury Department analysis.

US oil fell about $1 a barrel, or just under 2%, to $56, immediately after Trump made his announcement on Truth Social.

Selling up to 50 million barrels could raise quite a bit of revenue: Venezuelan oil is currently trading at $55 per barrel, so if the United States can find buyers willing to pay market price, it could raise between $1.65 billion and $2.75 billion from the sale.

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Venezuela has built up significant stockpiles of crude over since the United States began its oil embargo late last year. But handing over that much oil to the United States may deplete Venezuela’s own oil reserves.

The oil is almost certainly coming from both its onshore storage and some of the seized tankers that were transporting oil: The country has about 48 million barrels of storage capacity and was nearly full, according to Phil Flynn, senior market analyst at the Price Futures Group. The tankers were transporting about 15 million to 22 million barrels of oil, according to industry estimates.

It’s unclear over what time period Venezuela will hand over the oil to the United States.

The senior administration official said the transfer would happen quickly because Venezuela’s crude is very heavy, which means it can’t be stored for long.

But crude does not go bad if it is not refined in a certain amount of time, said Andrew Lipow, the president of Lipow Oil Associates, in a note. “It has sat underground for hundreds of millions of years. In fact, much of the oil in the Strategic Petroleum Reserve has been around for decades,” he wrote.

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Video: Nvidia Shows Off New A.I. Chip at CES

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Video: Nvidia Shows Off New A.I. Chip at CES

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Nvidia Shows Off New A.I. Chip at CES

At the annual tech conference, CES, Nvidia showed off a new A.I. chip, known as Vera Rubin, which is more efficient and powerful than previous generations of chips.

This is the Vera CPU. This is one CPU. This is groundbreaking work. I would not be surprised if the industry would like us to make this format and this structure an industry standard in the future. Today, we’re announcing Alpamayo, the world’s first thinking, reasoning autonomous vehicle A.I.

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At the annual tech conference, CES, Nvidia showed off a new A.I. chip, known as Vera Rubin, which is more efficient and powerful than previous generations of chips.

By Jiawei Wang

January 6, 2026

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