US President Donald Trump has announced plans to impose 25 per cent tariffs on all steel and aluminum imports coming into the United States "without exceptions or exemptions," raising concerns over its ramifications on South Korean and other exporters.
Trump signed two proclamations concerning the sweeping tariffs, while expressing commitment to follow through on a plan to unveil "reciprocal" tariffs "over the next two days" -- duties on U.S. imports designed to match tariff rates that other countries impose on U.S. exports, according to Yonhap news agency.
During his first term, Trump imposed a 25 per cent tariff on steel imports and 10 per cent on aluminium imports on national security grounds. The new measures will remove exceptions, exemptions and duty-free quotas for U.S. trading partners, while raising the tariff on aluminium to 25 per cent. They are set to take effect on March 4.
"Today, I am simplifying our tariffs on steel and aluminum so that everyone can understand exactly what it means. It's 25 percent without exceptions or exemptions, and that's all countries, no matter where it comes from," Trump told reporters as he signed the documents.
"If it's made in the United States, there is no tariff. All you have to do is make it in the United States. We don't need it from another country," he added.
Announcing what he cast as "massive" tariffs," Trump claimed that America was "being pummelled by both friend and foe alike."
"Our country needs steel and aluminum to be produced in America, not in foreign countries. We must build to ensure the future reemergence of U.S. manufacturing and production, the kind of which hasn't been witnessed in decades," he said.
"It's time for our great industries to return to America. This is just the beginning."
Asked if the president has a plan in case other countries retaliate, Trump said, "I don't mind.
"If they retaliate, as I said, it's reciprocal," he said. "If they raise it a little bit, then we raise it automatically. So I don't think it helps for them to retaliate."
Trump also warned that his administration is looking into the possible imposition of tariffs on cars, semiconductors and pharmaceuticals, among other items.
"Cars is going to be a very big one and a very important one, and America is going to be stronger than it ever was before," he said.
Trump has already levied a 10 per cent tariff on all Chinese goods coming into the U.S., while he has put off the imposition of a 25 per cent tariff on Canada and Mexico temporarily as the two countries agreed to step up efforts to prevent drug trafficking at their borders with the U.S.
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