President Donald Trump has lifted exceptions and exemptions from his 2018 steel tariffs, imposing a minimum 25% tax on all steel imports. He has also increased aluminum tariffs to 25% from 10%. This move is part of Trump's strategy to reshape global trade, aiming to boost domestic manufacturing. However, the tariffs will impact allies as major steel suppliers like Canada, Brazil, Mexico, and South Korea will be affected. The tariffs have drawn criticism due to their potential to fuel inflation and harm consumer confidence. Economists warn of the costs to U.S. consumers, retaliatory tariffs from trading partners, and potential job losses.
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.
TARIFFS STEEL ALUMINUM TRADE GLOBAL ECONOMY
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