Trump tariffs: Next up, steel and aluminum
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 10 February 2025
⏱️ 7 minutes
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Summary
From the BBC World Service: U.S. President Donald Trump plans a 25% import tax on all steel and aluminum entering the U.S. China, Canada and Mexico — some of the biggest suppliers — could be hit hard. Also: China’s trade flow shifted in response to tariffs, three Baltic nations cut ties with Russia’s power grid, and global leaders and tech bosses meet in Paris to figure out how to regulate artificial intelligence.
Transcript
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| 0:00.0 | Trump's new 25% tariff shakes global markets. Hello, this is the Marketplace Morning Report, |
| 0:07.5 | and we're live from the BBC World Service. I'm Leanna Byrne. Good morning. Now, in the latest escalation |
| 0:13.3 | in this ongoing ramping up of trade tensions, President Trump says he will announce a 25% import tax |
| 0:20.3 | and all steel and aluminium entering the US. |
| 0:23.6 | China, Canada and Mexico, some of the biggest suppliers, could be hit hard. |
| 0:28.0 | The BBC's Surinjanatouari is in Singapore and gave us this update on the reaction in Asia. |
| 0:33.2 | Markets in Asia are not liking the sound of further tariffs, especially on steel and aluminium. |
| 0:38.3 | Many producers of those metals are in the region. Japan, South Korea, Taiwan are Asia's biggest |
| 0:44.7 | exporters of steel to the US, Australia and Vietnam on that list as well. In total, the US imports |
| 0:52.8 | more than $100 billion of steel and aluminium combined annually. |
| 0:59.0 | Some well-known companies saw their shares down in trade today. We'll have to see whether this is |
| 1:04.3 | a Big Bang policy that will then be scaled down. We have been here before. During his first term, |
| 1:15.0 | Trump imposed 25% tariffs on steel and 10% on aluminium, but later granted several trading partners duty-free exemptions. Biden later negotiated |
| 1:21.0 | duty-free quota arrangements with Britain, the EU and Japan. It's not clear what will happen |
| 1:26.1 | to those, but what is clear is that markets are |
| 1:28.2 | likely to be on edge and volatile in response to these kinds of announcements. Sir and Jan |
| 1:33.7 | Tawari there. Now, last week, the US slapped an extra 10% tariff on Chinese imports, and China |
| 1:39.6 | hit back with tariffs on US fuel, agricultural machinery and some cars from the US. |
| 1:44.8 | Those measures kicked in yesterday. |
| 1:46.9 | Pamela Koch-Hamilton is the Director-General of the International Trade Centre, an agency of |
| 1:51.8 | the United Nations, and she says tariffs change trade flows. |
| 1:55.7 | Since 2018, the China exports and China growth of exports to the U.S. fell significantly, and now they are actually in a position where they are less dependent on the U.S. market than they were in 2018 because of the tariffs at the time. |
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