On Thursday, President Donald Trump announced that he will be signing new tariffs on steel and aluminum into action. Steel tax will be at 25% while aluminum will be taxed at 10%.
“We’ll be signing it next week. And you’ll have protection for a long time in a while. You’ll have to regrow your industries, that’s all I’m asking,” Trump stated.
Any action to impose tariffs is likely to escalate simmering tensions with China and other U.S. trading partners. Critics of such a move fear that other countries will retaliate or use national security as a pretext to impose trade penalties of their own. They also argue that sanctions on imports will drive up prices and hurt U.S. automakers and other companies that use steel or aluminum.
Trump met with more than a dozen executives, including representatives from U.S. Steel Corp., Arcelor Mittal, Nucor, JW Aluminum and Century Aluminum.
More details as the story develops.
Levi Perry, owner and editor of The Daily Lev.