President Trump has significantly increased tariffs on steel and aluminum imports, aiming to bolster domestic manufacturing. The move, which levies a 25% tariff on all steel imports and a 25% tariff on aluminum, is part of Trump's broader strategy to renegotiate global trade deals. The tariffs are expected to impact both allies and adversaries, raising concerns about a trade war and potential inflation.
The moves are part of an aggressive push to reset global trade , with Trump saying that tax hikes on the people and companies buying foreign-made products will ultimately strengthen domestic manufacturingon 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%.
Steil noted that other countries are already adopting Trump's approach from his first term as the president imposes tariffs on the premise that the imports create national security risks. That's because national security-related tariffs are legally unchallengeable at the World Trade Organization, meaning that so far Trump's approach has encouraged other countries to increase trade barriers.
“If you look at sudden tariffs to a system, there isn’t a lot of good that comes out of that,”said Stevens, his remarks challenging Trump's own statements that his policies would stimulate massive gains in auto industry jobs. The government inflation report scheduled to be released on Wednesday is expected by economists to show consumer prices rising at 2.8%, which would suggest that the public sees tariffs as a major risk to their financial wellbeing.
Trump reiterated as he signed the proclamations that more tariffs would be coming on computer chips, autos and pharmaceutical drugs. But the president said that the import taxes would eventually enable more steel mills and aluminum plants to open in the U.S. to avoid the tariffs.
Business Economy TRADE WAR TARIFFS INFLATION DOMESTIC MANUFACTURING GLOBAL TRADE
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