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. But the tariffs would hit allies as the four biggest sources of steel imports are Canada, Brazil, Mexico and South Korea, according to the American Iron and Steel Institute.
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.
Donald J Trump Money Money Us Economy People Donald J Trump
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Highlights from President-elect Donald Trump's 1st Inauguration Day; what to expect from MondayPresident-elect Donald Trump’s second inauguration is just two days away, and excitement is building in Washington, D.C., to welcome the 47th president of the United States.
Read more »
US tariffs on Mexico 'paused for a month,' Mexican president saysThe announcement came after Mexican President Claudia Sheinbaum spoke with President Donald Trump on Monday morning.
Read more »
US tariffs on Mexico 'paused for a month,' 10,000 Mexican troops head to borderThe announcement came after Mexican President Claudia Sheinbaum spoke with President Donald Trump on Monday morning.
Read more »
President Donald J. Trump, Vice President JD Vance participate in inaugural activitiesPresident Donald Trump and Vice President JD Vance were sworn into office today amid heightened security measures in Washington, D.C.
Read more »
Coinbase, Binance Plan to List President-Elect Donald Trump's 'Official' Token TRUMPThe official memecoin of the 47th U.S. president will be listed on most major crypto exchanges, even though the MAGA fan token faced trouble getting listed.
Read more »
Melania Trump's life with President Donald Trump: See the photosMelania Trump has returned to the White House alongside her husband, President Donald Trump. Take a look at the life of America's first lady, who went from a model to a powerful world figure.
Read more »