President Donald Trump is preparing to formally announce 25% tariffs on steel and aluminum imports. It's part of an aggressive effort to remake the existing terms of world trade that so far has compounded economic uncertainty. Trump also intends this week to reset U.S. taxes on all imports to match the same levels charged by other countries.
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“‘Fairness’ is in the eye of the beholder, but the more fundamental question is whether the U.S. actually benefits from such new tariffs,”, 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.
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. “We have far more steel and aluminum-consuming businesses, think construction, machinery and equipment manufacturing, auto manufacturing, than we do steel and aluminum producers, so the advantage created for the producers comes at a much greater cost to downstream users,” said Erica York, vice president of federal tax policy at the right-leaning Tax Foundation.
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