WASHINGTON: President Donald Trump announced on Monday that he is increasing tariffs on steel and aluminum imports to 25%. This means every country exporting these metals to the U.S. will pay the same flat rate without any exceptions. Previously, some countries like Canada and Mexico could send metals without tariffs, but now those deals are canceled.
Trump explained this move would help American steel and aluminum industries, which have been struggling. He signed these changes and said they would start on March 4. The new rules mean that steel and aluminum must be made—melted and poured or smelted and cast—in North America to qualify for importation.
This also affects products made with foreign steel, such as certain types of structural steel and aluminum pieces. Although some countries may retaliate, Trump stated he is not concerned about that.
Peter Navarro, Trump’s trade advisor, said these tariffs would protect American jobs and industries. Trump introduced these tariffs in 2018 to protect domestic production under a national security law.
With the new changes, U.S. steel and aluminum companies saw an increase in their stock prices, while competitors in Europe and Asia dropped. However, trade partners warned that this could harm American businesses, including automakers and distilleries that rely on imported materials. One industry leader said raising tariffs could lead to higher prices for whiskey, which would negatively impact small distilleries in the U.S.
Overall, this move simplifies trade rules for steel and aluminum. Trump is also planning to talk about new tariffs on other items like cars and electronics soon.
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