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Trump Announces Big Tariffs on Steel, Aluminum
President Donald Trump intends to levy new import tariffs of 25% on steel and 10% on aluminum next week that will continue “for a long period of time.”
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President Donald Trump intends to levy new import tariffs of 25% on steel and 10% on aluminum next week that will continue “for a long period of time.”
Trump says the widely expected sanctions, which will apply to all countries, will strengthen America’s domestic steel and aluminum companies. Executives from those industries have complained for months that they are victims of below-market-price dumping by Chinese producers.
But U.S. business organizations, pro-trade groups and many Republicans warn that the sanctions will drive up material costs across many industries and inflict damage that significantly outweighs any benefit to metal producers. Trade experts warn the move is likely to trigger retaliatory measures by China and the EU that cause damage in unrelated markets.
Trump launched a review of steel and aluminum pricing several months ago under a stipulation in international trade law that allows sanctions on materials deemed critical to national defense. But EU President Jean-Claude Juncker claims the levies are protectionist and have no national security justification.
China, whose top economic adviser was at the White House today attempting to head off a trade war with the U.S., had no immediate comment on Trump’s announcement.
Trade experts predict that the new tariffs announced next week will include a process for countries to pursue at least partial exclusions.
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