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Tokyo asked President Donald Trump to exclude Japanese companies from his fresh tariffs on steel and aluminum.

President Donald Trump plans to sign an order as soon as Feb. 12 that would require that U.S. tariffs on imports match the tax rates charged by other countries.

“We know that reducing policy restraint too fast or too much could hinder progress on inflation,” Powell said in prepared testimony for the Senate Banking Committee.

President Donald Trump said he agreed to consider a tariff exemption on Australian steel and aluminum imports after a telephone call on Feb. 11 with Australia’s prime minister.

Ford CEO Jim Farley will travel to Washington on Feb. 12 to warn Congress that the 25% tariffs President Donald Trump has proposed on Canada and Mexico would “blow a hole” in the auto industry.

Mexico will consult with the U.S. to explain why it considers the steel and aluminum tariffs ordered by President Donald Trump as “not justified,” said Economy Minister Marcelo Ebrard.

U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Feb. 11, adding that they will trigger tough countermeasures.

President Donald Trump on Feb. 10 removed the exceptions and exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25%. 

Expected inflation five years ahead rose to 3% last month, the highest since May 2024, according to results of the New York Fed’s Survey of Consumer Expectations published Feb. 10.

China’s 10% additional tariff on vehicles with engines  larger than 2.5 liters imported from the U.S. took effect Feb. 10.