US President Donald Trump signed executive orders on Monday imposing 25% tariffs on all steel and aluminum imports, in a new executive measure after taking office.

Trump said upon signing these decrees at the White House: "Today I am simplifying our tariffs on steel and aluminum, so that everyone understands what they mean, they mean 25% without exceptions or exemptions, and this applies to all countries."

Trump indicated that he would consider "imposing additional tariffs on cars, medicines, and computer chips."

Canada and Mexico, which Trump has threatened to impose tariffs on, are the largest steel exporters to the United States, according to US trade data, while Brazil and South Korea are also major suppliers.

The US president has also confirmed that he is considering exempting Australia from steel tariffs.

"We have a surplus with Australia, one of the few, and the reason is that they buy a lot of planes," the US president said, noting that "Australia's geographic distance forces them to buy a lot of planes."

Before Trump signed the executive orders, Australian Prime Minister Anthony Albanese said that the exemption was on the table, following a phone call he had with the US president.

Albanese told reporters after the call that "the US president agreed that an exemption process would be considered in the interest of both our countries." During his first presidential term (2017-2021), Trump imposed large tariffs to protect American industries because they were exposed, according to him, to unfair competition from Asian and European countries.