President Donald Trump plans to announce 25% tariffs on all aluminum and steel imports into the U.S. early this week.
Speaking to reporters aboard Air Force One on Sunday, Trump said he would announce the new tariffs on Monday. He also mentioned plans for "reciprocal tariffs" aimed at countries that impose duties on U.S. exports.
"Very simply, if they charge us, we charge them," Trump explained. "If they are charging us 130% and we're charging them nothing, it's not going to stay that way."
"Every country will be reciprocal," he added.
These new tariffs resemble the 25% steel and 10% aluminum tariffs from his first administration in 2018. Back then, the U.S. was the largest steel importer, while China led as the biggest steel exporter.
The U.S. remains a top aluminum importer, along with Germany and China.
On Feb. 1, Trump introduced the International Emergency Economic Powers Act (IEEPA). It includes 25% tariffs on imports from Canada and Mexico and a 10% tariff on imports from China. The tariffs sparked mixed reactions from consumers and foreign leaders like Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum.
"We need to protect Americans," Trump wrote on Truth Social on Feb. 1. "It is my duty as President to ensure the safety of all. I made a promise to stop the flood of illegal aliens and drugs across our Borders, and Americans overwhelmingly voted in favor of it."
A White House fact sheet explained that the IEEPA aims to combat illegal immigration and stop deadly drugs like fentanyl from entering the country.
Leon J. Topalian, CEO of Nucor Corp, the largest steel producer in the U.S., voiced strong support for the tariffs.
In a letter obtained by Fox News Digital, Topalian said, "We applaud the first steps taken by President Trump in his America First Trade Agenda."
"We look forward to working with President Trump to enforce our trade laws and strengthen American manufacturing!" his statement concluded.