U.S. tariffs on steel and aluminum: impact on international

The US tariffs on steel and aluminum are expected to affect millions of tons of imports and have a significant impact on international trade relations. For more details, please visit this report of GMK Center. The United States continues to rely on foreign supplies to meet the needs of its construction, automobile production, technology and military equipment industries. According to data from the Indexbox platform, in 2023, steel consumption reached about 93 million tons, and net imports met the needs of 13 %. In addition, aluminum consumption is 4 million tons, and imports account for 44 % of the total.

Trump’s extensive tariffs on Mexico, Canada and China triggered global trading showdown

These tariffs were first proposed during the Trump administration, which caused a response to key trading partners. The recent announcement of the president includes new responsibilities of 25 % of imported from Mexico and Canada, and 10 % of China imported. Canada retaliated the 25 % responsibility imported from the United States, with a total of up to 155 million US dollars, affecting steel and aluminum products in two stages. In Mexico, President Claudia Sheinbaum has authorized mutual trade measures and China announced its intention to propose WTO complaints.

Despite protective tariffs, domestic steel mills expressed concerns about the increase in import growth. According to the GMK Center, compared with the previous year, the import of rolls of metal products in 2024 increased by 3.7 %, totaling 22.5 million tons. The data of the American Institute of Railway and Steel (AISI) further emphasized that the total steel imports were 2.5 %, including rolling and semi -formed products, reaching 28.86 million tons. The key steel import resources still exist in Canada, Brazil and Mexico, contributing 6.56 million tons, 4.49 million tons and 3.52 million tons.

Source: index box market intelligence platform