President Donald Trump announced that the United States will impose 25% tariffs on all steel and aluminum imports, including those from Canada and Mexico, with additional trade duties to follow later in the week.

Speaking aboard Air Force One on Sunday, Trump confirmed that tariffs on steel and aluminum would be formally announced Monday, while “reciprocal tariffs”—which impose U.S. duties on countries that tax American goods—are expected Tuesday or Wednesday.

“Any steel coming into the United States is going to have a 25% tariff,” Trump told reporters. When asked about aluminum, he responded, “Aluminum, too.”

Trump defended the move as a measure to counter unfair trade practices, stating:

“If they are charging us 130% and we’re charging them nothing, it’s not going to stay that way.”

This marks an aggressive escalation in Trump’s trade policies, which are being introduced earlier in his second term compared to his first presidency, where he initially focused on tax cuts and deregulation.

Trump has previously said he views import taxes as both a negotiating tool—to force trade and immigration concessions—and as a revenue stream to help reduce the government’s budget deficit.

Financial markets fell sharply on Friday after Trump first hinted at reciprocal tariffs, with stock prices declining alongside a drop in consumer sentiment.

A survey found that many Americans fear rising inflation due to tariffs, as businesses may pass costs onto consumers.

Meanwhile, global trading partners expressed immediate concerns:

• South Korea’s acting president, Choi Sang-mok, called an emergency meeting on Monday with top foreign policy and trade officials to assess the potential impact on South Korean industries.

Trump previously threatened 25% import taxes on all goods from Canada and Mexico, but delayed implementation for 30 days just last week.

At the same time, he moved forward with 10% duties on Chinese imports, while postponing new tariffs on millions of small packages—many from fast-fashion companies like Temu and Shein—until customs officials determine how to enforce them.

With the formal tariff announcement expected Monday, trading partners and financial markets are bracing for further economic ripple effects as Trump escalates his aggressive trade policy agenda.