President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminum imports, including from Canada and Mexico, as well as other import duties later in the week.
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00:00Because of the damage to the United States steel industry that those exceptions and exclusions have imposed,
00:07we're now, this order would reimpose that 25% ad valorem tariff rate on imports of steel,
00:15and it's presented for your signature now.
00:18Do you understand what that means?
00:22It's a big deal. It's a big deal.
00:25This is the beginning of making America rich again.
00:30So essentially we're putting on a 25% tariff without exception on all aluminum and all steel,
00:40and it's going to mean a lot of businesses are going to be opening in the United States.
00:44Now we're going to be meeting over the next four-week period, maybe on a weekly basis,
00:49and maybe we'll do a couple of them at different times and maybe together,
00:54but we'll be talking about other subjects like cars.
00:59We'll be talking about drugs and pharmaceuticals.
01:03We'll be discussing chips, and we're going to be doing some other things in addition to that,
01:11all which will bring in a lot of jobs into our country.
01:16Cars is going to be a very big one and a very important one,
01:20and America is going to be stronger than it ever was before.
01:23We have aluminum still to sign.
01:24Okay, let's go.
01:25So with respect to aluminum, similarly to steel, since 2018,
01:29a large number of exceptions and exemptions have been added into the law.
01:32This eliminates all of those and also increases the ad valorem tariff rate from 10% to 25%.
01:41Mostly the last part is the most important, right, would you say?
01:45Totally.
01:46So basically this is aluminum, the same thing, no exceptions, no nothing,
01:51and it's going to bring our aluminum business back and may go higher.
01:55I mean, frankly, it may go higher.
01:57The Australian Prime Minister has said that you are considering an exemption for Australia on steel.
02:02Is that correct? And why?
02:04I just spoke to him, a very fine man, and he has a surplus.
02:08I mean, we have a surplus with Australia, one of the few,
02:12and the reason is they buy a lot of airplanes.
02:15They are rather far away and they need lots of airplanes, and we actually have a surplus.
02:20It's one of the only countries which we do,
02:22and I told him that that's something that we will give great consideration to.
02:27And would you consider one for the UK as well?
02:29Well, we have a huge deficit with the UK. Big difference.