Trump to Tax Imported Steel and Aluminum
The POTUS recently said he will charge tariffs of 25% on imported steel and 10% on imported aluminum, even though facing strong disapproval from foreign supporters, allies in Congress and the business sector. Apparently, the goal is to safeguard the local steel production from global overcapacity and reduced prices that authorities attribute Chinese biz policies. President Trump also mentioned that this won’t be applicable to Canada and Mexico, at least for the meantime and while waiting for the NAFTA negotiation results. It’s unclear what kind of document Trump signed. The White House indicated a proclamation to show his intentions but this isn’t an executive order. How this will develop remains to be seen.
Read more on Auto News.
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