President Donald Trump has unveiled plans to implement a 25% import duty on all steel and aluminum entering the United States, with Canada expected to be affected the most.
Trump also mentioned that he would announce further tariffs later in the week aimed at countries that tax US imports, but he did not specify which countries would be impacted or if any would be excluded.
Trump commented, “If they charge us, we charge them.”
This action represents a further advance in the escalation of Trump’s trade policy, which has already provoked a response from China.
Canada and Mexico rank among the largest trading partners of the US in steel and aluminum. Approximately 10% of the UK’s steel industry production is exported to the US, with some specialty suppliers being even more dependent on this market. UK Steel, a trade association, cautioned that US tariffs would inflict a “devastating blow” on the UK industry.
In the US, the topic of steel production is heavily influenced by politics. Some contend that to meet military needs during a national emergency, the country must be capable of producing sufficient quality steel without depending on foreign imports.
During his first term, Trump implemented a 25% tariff on steel imports and a 10% tariff on aluminum from Canada, Mexico, and the EU. A year later, the United States
During his first term, Trump implemented a 25% tariff on steel imports and a 10% tariff on aluminum from Canada, Mexico, and the EU. A year later, the US came to an agreement with Canada and Mexico to eliminate these tariffs, while the EU’s import taxes persisted until 2021.
A report from the Tax Foundation indicates that these tariffs raised expenses for US manufacturers of automobiles and carbonated beverages using aluminum cans. These costs were ultimately transferred to consumers.
Trump declared from Air Force One on Monday that all imports of steel would incur a 25% tariff. He announced, “Any steel imported into the United States will incur a 25% tariff.”
Doug Ford, the Premier of Ontario, reacted by condemning Trump for generating “constant chaos and shifting goalposts,” which jeopardized the economy. Ontario serves as a center for steel production in Canada.
Catherine Loubier, a political advisor, acknowledged her belief in the authenticity of Trump’s threats but pointed out that the profound economic connections between Canada and the US might pave the way for a possible resolution. She explained on the Today program, “Hundreds of thousands of jobs in the US are connected to Canadian steel and aluminum.” “A lot is on the line, and these tariffs don’t benefit anyone.”
What a news
asrc05