Trump imposes tariffs on steel and aluminum imports without exceptions

US President Donald Trump decided on Tuesday to increase tariffs on steel and aluminum imports to the United States to 25% “without exceptions or exemptions” to help the two struggling industries, which could exacerbate the risk of a trade war on multiple fronts.

The tariffs will affect millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries. Trump last week postponed imposing 25% tariffs on imports from Mexico and Canada, and 10% on Canadian crude oil, until March 2, to conduct negotiations with the two countries.

He also imposed an additional 10% tariff on China, to which Beijing responded by imposing tariffs on some US imports, including a 10% tariff on crude oil. The Chinese tariffs were scheduled to go into effect yesterday, with no signs of progress in talks between Beijing and Washington.

Also weighing on oil demand is the fact that the Federal Reserve will wait until the next quarter before cutting interest rates again. The Fed faces the risk of rising inflation. Keeping interest rates high could limit economic growth, which in turn would impact oil demand growth.