President Donald Trump has removed exceptions from his 2018 steel tariffs, imposing a 25% tax on all steel imports. He has also increased aluminum tariffs to 25% from 10%. Trump argues these measures will bolster domestic manufacturing, but they face criticism for potentially harming allies and fueling inflation.
President Donald Trump on Monday removed the exceptions and exemptions from his 2018 tariffs on steel, meaning that all steel imports will be taxed at a minimum of 25%. Trump also hiked his 2018 aluminum tariffs to 25% from 10%.The moves are part of an aggressive push by the president to reset global trade, with Trump saying that tax hikes on the people and companies buying foreign-made products will ultimately strengthen domestic manufacturing.
actually benefits from such new tariffs," Benn Steil, director of international economics at the Council on Foreign Relations, a New York-based nonpartisan think tank, said in an email. "The costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.
TRADE TARIFFS STEEL INDUSTRY ALUMINUM INDUSTRY INFLATION INTERNATIONAL RELATIONS
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