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US Threatens New Steel, Aluminium Tariffs

by Mike Godfrey, Tax-News.com, Washington

06 March 2018


The US will impose new tariffs on steel and aluminium imports, President Trump has announced.

The tariffs will be set at 25 percent for steel imports and 10 percent for aluminium, he said.

Trump met with representatives from the US steel and aluminium industry on March 1. According to Trump, US companies have been "very unfairly treated by bad policy, by bad trade deals, by other countries," and that the aluminium industry in particular "has been decimated."

Trump claimed that "massive amounts of product" had been dumped on the US market, emphasizing that "it just kills – it destroys our companies and our jobs."

"So we're going to build our steel industry back and we're going to build our aluminium industry back," he said.

Trump announced that his administration is "going to be instituting tariffs." He said that he wants "to do some very fast action" and "will probably have everything completed by next week."

He elaborated: "We'll be imposing tariffs on steel imports, and tariffs on aluminium imports. And you're going to see a lot of good things happen. You're going to see expansions of the companies."

When asked by a journalist how long the tariffs would be in place, Trump said: "Unlimited period. Unlimited."

The action follows investigations undertaken between April 2017 and January 2018 by the US Department of Commerce. These investigations concluded that steel and aluminium imports threatened US national security and recommended the imposition of trade restrictions.

TAGS: tariffs | United States | import duty | trade

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