Unlock Bulletin on White House Hour FREE
Your guide for what American choices 2024 means for Washington and the world
Donald Trump said that in the US, he would impose a 25 percent tariff on all imports of steel and aluminum, threatening to release restlessness in the market markets and set fire to trade wars in the global economy.
US officials said the tariffs were a response to “foreign players” who were “increasing exports” of metal into the ground and “undercover American manufacturers of steel and aluminum.”
Trump Officials said the tariffs would be applied to all imports to the USA -that for certain products will not be approved by exclusion. The tariffs would start on March 4, to one person familiar with the plan.
Although the move is intended to protect local steel manufacturers, they are likely to affect US allies – including Canada and Mexico – and could suddenly increase the costs for all US -import manufacturers.
Trump’s tariff announcement It comes three weeks after returning to the White House and indicates the escalation of its protectionist agenda. This is followed by his announcement of new levies on two closest trading partners, Mexico and Canada. They should take effect in early March.
The US president imposed a 25 percent tariff for all the imports of steel and 10 percent of aluminum imports in 2018, during his previous trade war, before negotiating about editing for some countries.
Joe Biden, who inherited Trump’s Tariff Metal when he came to duty in 2020, made contracts with the EU, UK and Japan, which allowed them to export a certain amount of their steel and aluminum to the US customs.
On Monday, US officials said that these agreements would be canceled in force, and the tariffs would be placed on all the imports of steel and aluminum from all countries.
Officials also said Trump would eliminate the product exclusion process, calling it a “hole”.
“We had the process of exclusion of the product that was completely out of control in Bidder and literally hundreds of thousands of exclusions were literally approved, and millions of metric tons of steel and aluminum were not properly tariff,” said the White House official.
“President Trump completes the product exclusion process,” the official added.
The latest risks of the Directive that drives immediate retaliation from the EU, which responded to Trump’s Tariff Trump in 2018 by imposing their own levies in US goods worth 2.8 billion euros, including the Bourbon and Harley-Davidson motorcycles.
The EU has erected these tariffs as part of the agreement with the Biden in 2021.
Metal prices rose In the United States on Monday before Trump’s announcement while traders moved to secure supplies, with a carefully observed aluminum contract of about 10 percent and a premium for US copper future over those in London who hit their highest level of 2020. .
