President Donald Trump on Monday imposed a 25% tariff on all steel and aluminum imports into the United States with no exceptions or exemptions.

Axar.az reports that citing BBC.

"This is a big deal, the beginning of making America rich again," Trump said.

"Our nation requires steel and aluminium to be made in America, not in foreign lands," he added.

When asked if tariffs could increase prices for consumers, the US president responded: "Ultimately it will be cheaper."

"It's time for our great industries to come back to America... this is the first of many," he added, suggesting other tariffs could focus on pharmaceuticals and computer chips.

The US is the world's largest importer of steel, counting Canada, Brazil and Mexico as its top three suppliers.

It should be noted that German Chancellor Olaf Scholz had stated that they would respond to Trump's imposition of tariffs on steel and aluminum imports.