United States President Donald Trump announces new tariffs on steel and aluminium imports
Washington, DC: US President Donald Trump said Monday will see the announcement of hefty tariffs on all imports of steel and aluminum.
Trump told reporters on board Air Force One on Sunday while traveling to the NFL Super Bowl that the tariffs that would go into effect on Monday will levy a 25% tax on all steel imports into the United States and a 25% tax on aluminum imports.
Regarding the justification for these tariffs, Trump said in his remarks, “Very simply, if you charge us, we charge them.”
“I will also be announcing steel tariffs on Monday in addition to aluminum taxes. A 25 percent tax will be applied to all steel entering the US. And aluminum… 25 percent.
Earlier, Trump said, “I’ll be announcing that next week, reciprocal trade so that we’re treated equally with other countries,” during a news meeting with Japanese Prime Minister Shigeru Ishiba on Friday. He said, “We don’t want any more, any less.”
Trump had previously requested his staff to examine the potential of imposing a uniform tax of 10% or 20% as part of a larger trade review that was expected on April 1.
Trump said the announcement will probably be made on “Monday or Tuesday,” according to Politico, after declaring that the tariffs would be applied to all countries.
He said, “I think that’s the only fair way to do it, that way nobody’s hurt.” “They charge us, we charge them,” said Donald Trump. It’s the same thing, and instead of a flat price tariff, I appear to be moving in that direction.”
Although Trump did not specify if the new tariffs would have any exceptions, the US often has lower rates than other countries for the same goods.
The US president often complains about other nations’ exorbitant vehicle tariffs, even though the US only charges 2.5%.
Trump said throughout his presidential campaign that he would collaborate with Congress to enact the Reciprocal Trade Act, which would allow him to raise the tariff on a specific foreign commodity to the amount set by that country.
In a video released during the campaign, he said, “Under the Trump Reciprocal Trade Act, other countries will have two choices—they’ll get rid of their tariffs on us, or they will pay us hundreds of billions of dollars, and the United States will make an absolute FORTUNE.”
He said, “We will impose the same exact duty on China, India, or any other nation that imposes a 100 or 200 percent tariff on products created in the United States. Stated differently, 100 percent is 100 percent. An eye for an eye, a tariff for a tariff, the same precise amount is what we tax them if they charge us.
