US President Donald Trump has implemented tariffs on steel and aluminum imports, a move that is expected to worsen relations with some of the country’s biggest trading partners.
The legislation eliminates all nation exemptions from the levies and increases the flat duty on steel and aluminum entering the US to 25%. The European Union responded right after, declaring that it will put counter-tariffs on US imports worth billions of euros. Critics claim that the tariffs will hurt economic growth and hike prices for US consumers, despite Trump’s expectations that they will increase US steel and aluminum output.
The American Iron and Steel Institute (AISI), an organization that advocates for American steelmakers, praised the tariffs, claiming they will increase domestic steel production and generate jobs.
The group’s president, Kevin Dempsey, claimed that the action ended a system of quotas, exclusions, and exemptions shielding foreign producers from tariffs. According to AISI, the president’s efforts to reinstate steel tariffs and launch a strong, revitalized campaign to combat unfair trade practices are commendable,” Mr. Dempsey continued .Canada, Mexico, and Brazil are some of the biggest suppliers of steel and aluminium to the United States, which is a major importer of these metals.
Also Read:
