President Donald Trump ordered 25 percent of his import tax on all steel and aluminum entry into the United States as a major expansion of existing trade barriers.
The tariffs that increase the cost of importing metals into the United States, despite some political warnings from retaliation from some politics Canadian leader -US largest metal supplier and other countries.
US companies that depend on imports also raised concerns, but Trump said his plan would increase domestic production.
He warned that there would be no exception that it was “simplifying” the rules that would enter into force on March 4.
“This has begun to make America rich again,” Trump said.
“Our country should make steel and aluminum in the United States in foreign countries,” he added.
When the tariff could raise the price of the consumer, the US president replied, “Ultimately, it will be cheaper.”
“It’s time for our great industry to return to the United States … This is the first of many people,” he suggested that other tariffs can focus on pharmaceuticals and computer chips.
The United States is the world’s largest steel importer and calculates Canada, Brazil and Mexico as three suppliers.
Canada alone accounted for more than 50% of aluminum imported to the United States last year. If the tariff comes into effect, it is expected to have the greatest impact on Canada.
Late on Monday, the Canadian Innovation Minister Francois-Phhillippe Champagne said the tariff was “not completely justified.”
“Canadian steel and aluminum supports major US industries by car, shipyard, and energy. “This is making North America more competitive and safe.”
Prior to this announcement, Ontario Premier Doug Ford, a large number of areas of steel production in Canada, criticized Trump, who “causing a constant confusion with the goal with a goal.”
The lobby group for Canadian steel manufacturers demanded the Canadian government retaliation for the United States, and Kody Blois, the main MP of the Canadian Liberal Party, said that his country is looking for a way to reduce trade relations with the United States. .
“This is completely upgrading a very powerful partnership,” the BBC NewShour said before the official order.
Meanwhile, the share price of major US steel manufacturers rose on Monday, rising, and the price of Cleveland Cliff was almost 20%. Steel and aluminum prices have also increased.
The response to most of the rest of the market was muted and reflected the question of how serious Trump was about his plan, given his exemptions on his records or rules on postponement tariffs.
During his first term in 2018, Trump announced 15%tariffs on steel and aluminum, but eventually negotiated pioneering in many countries, including Australia, Canada and Mexico.
“This is a kind of regeneration of 2018.
“The biggest problem is uncertainty about whether this is negotiation tactics or if he doesn’t want to talk to other countries and actually wants to help the steel industry.”
Last week, Trump ordered 25%of import tariffs on all Canada and Mexican products and delayed only to delay the plan for 30 days. He also called for China’s retaliation by bringing 10%of new US charges for all Chinese products coming to the United States.
Targets are domestic taxes imposed on products when they enter the country in proportion to their import value.
The prospect that high tariffs will be introduced when imported to the United States is more expensive for companies to sell products in the world’s largest economy in connection with many world leaders.
Tax is the center of Trump’s economic vision. He sees them as a way to grow the US economy, protect jobs, and increase tax revenues.
However, there are also concerns about the impact of the US that many manufacturers in the United States faces additional costs using steel and aluminum in the product.
From construction to CAN manufacturers, the industry group warned of this blow.
According to the US International Trade Commission, in Trump’s first term, tariffs raised the US average steel and aluminum prices of 2.4% and 1.6%, respectively, despite much exemption.
Stephen Moore, a senior researcher at the Heritage Foundation, a conservative think tank headquartered in Washington, advised to Trump’s campaign on economic problems in 2016, Stephen Moore creates a job for tariffs on steel and aluminum. I didn’t think it was an effective way. In the first term.
He thought Trump was “fatal serious,” but the plan was “to get the rest of the world.”
“Everything Donald Trump does in Washington is negotiation tactics,” he said.
Trump officials said that the recent movement is to prevent tariffs from routing low -cost products in other countries, such as China and Russia.
The US president said that the steel is introducing a new standard that should “melt and pour out and” aluminum “in North America.
Nick IACOVELLA, a US coalition spokesman, who represents steel manufacturers and supports tariffs, said his group is most concerned about the surge in steel imports in Mexico than in 2019.
But he pointed out that Canada sent much more products to the United States than income.
“The imbalance must still be solved with Canada and the US trade relationship,” he said.
He added: … (IS) The two countries (Canada and Mexico) abuse the relationship with the United States and we will do something about it. “
