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Trump Faces April Deadlines on Steel, Aluminum Tariffs
President Donald Trump has signaled he may be close to imposing tariffs and/or quotas on imported steel and aluminum.
#aluminum #economics
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President Donald Trump has signaled he may be close to imposing tariffs and/or quotas on imported steel and aluminum.
Trump initiated investigations into possible dumping, especially by China, in April 2017. The Dept. of Commerce submitted its findings to the White House last month. But little has been said about taking action.
Now the president faces decision deadlines of April 11 on steel and April 20 on aluminum, according to The New York Times. The newspaper says many Democrats favor sanctions, as do U.S. steel and aluminum producers. But it says Republicans are wary that such measures could do more harm than good.
Skeptics predict that protectionism will boost prices of aluminum and steel. In a bipartisan meeting with federal lawmakers earlier this week, Trump acknowledged that possibility but indicated that sanctions also would increase jobs in the U.S.
On Monday, 15 trade associations that use steel to make products cautioned in a letter to the White House that restrictions could hurt their ability to make goods in the U.S. The groups also emphasized that their members employ more than 1 million people, compared with about 80,000 in basic steel production.
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