US Steel, Aluminium Imports Face Big Tariffs

President Donald Trump has said he will sign off on steep tariffs on steel and aluminium imports next week, hitting producers like China.

Flanked by US metals executives at the White House, he said a 25% tariff would be placed on steel products, and a 10% tariff would be imposed on aluminium.

Mr Trump tweeted that the US was suffering from “unfair trade”.

The US imports four times more steel than it exports and is reliant on steel produced in China.

In Thursday’s announcement, Mr Trump said, “we haven’t been treated fairly by other countries”, citing China.

Throughout his presidential campaign and since taking office, Mr Trump said cheap imports from China were harming the viability of US industry.

China isn’t the only country to export steel to the US – 110 countries and territories do so. And China is only the 11th biggest exporter to the US – Canada, Brazil, South Korea, Mexico and Russia are the five biggest.

Last year, the president ordered an investigation by Secretary of Commerce Wilbur Ross into “whether steel imports threaten to impair the national security”, drawing a link between economic prosperity and the country’s security.

Mr Ross’ report was published last month. It said US national security was indeed threatened, and made three recommendations, one of which was putting in place a 24% tariff on all steel imports.

It also proposed adding a 7.7% tariff to all aluminium imports, among other options.

During his campaign, he said that foreign countries were “dumping vast amounts of steel all over the United States, which essentially is killing our steelworkers and steel companies”.

On Thursday morning, he tweeted that “we must not let our country, companies and workers be taken advantage of any longer”.

Source: BBC