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3 ways Trump’s steel and aluminum tariffs could backfire

Friday, 02 March 2018 10:27
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President Trump has finally done it. After nearly a year of threatening to upend global trade, he has announced sweeping tariffs on steel and aluminum writes Heather Long in The Washington Post.

What this means is steel made in another country and shipped to the United States will be subject to a 25 percent tax. And imported aluminum will be hit with a 10 percent tax at the U.S. border. These are hefty fees because Trump’s goal is to incentivize U.S. companies to buy steel and aluminum from U.S. producers so the domestic metal industry gets stronger.

Trump argues that he needs to do this to save jobs and protect national security. His Commerce Department put out two lengthy reports recently arguing that the United States needs larger steel and aluminum industries to have enough metal for F-18 and F-35 fighter jets and armored military vehicles.

Source: The Washington Post  ||  March 02 2018   |||