DONALD Trump will impose a whopping 25 per cent import tax on all steel and aluminium products entering the US – with British firms poised for a financial hit.

The US President ramped up the prospect of a global trade war and will release more details of taxing imports later in the week.

Mr Trump was speaking while on board Air Force One before watching the Super Bowl in New Orleans.

He said that “everybody” will be facing the levy on steel and aluminium products. He added: “Any steel coming into the United States is going to have a 25% tariff.”

Mr Trump said plans will likely come on Tuesday or Wednesday this week with “reciprocal tariffs” imposed on countries that have their own duties on US products.

The move comes after the US President vowed to slap 25 per cent tariffs on goods from Canada and Mexico but that has been delayed for 30 days.

However, US levies of 10 per cent on all Chinese goods heading to the States has been imposed.

Figures show that the UK exported 166,433 tonnes of steel to the US in 2023 and a similar figure was sent to the US.

Home Office Minister Dame Angela Eagle said the UK will have to “wait and see whether the president gets more specific about what he meant by that comment”.

She added: “We have a very balanced trading relationship with the US – I think £300 billion worth of trade between our countries – and I think it’s in the best interests of both of us, as longstanding allies and neighbours, that we carry on with that balanced trade.”

Mr Trump has previously said the UK could escape tariffs on UK goods heading to tariffs saying Britain was “out of line” in its trading relationship with the US.