Trump sets 25% tariffs on steel, aluminum as trade war grows

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President Donald Trump ordered a 25 percent tariff for steel and aluminum imports, and his efforts to protect American industries of political importance with drawings that hit some of the country’s nearest allies.

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Debutations will be widely applied to all American imports of steel and aluminum, including from Canada and Mexico, the best foreign suppliers in the country. Fees, which also include final metal products, aim to take action of what administration officials have said that the efforts made by countries like Russia and China to circumvent the existing duties.

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Trump made an effort as an effort that would help enhance local production and bring more jobs to the United States, and warned that the rate of metal definitions “may rise.” A US official said the new prices will enter into force on March 4.

“Basically, we put a 25 percent tariff, without exception, on all aluminum and all steel, and this means that many companies will open in the United States,” Trump said on Monday. Mandates in the Oval Office.

While the measures that were revealed on Monday did not include exemptions for commercial partners-US officials said they were cautious against granting any deadline-Trump indicated that he might consider a break for Australia, due to the country’s import in the United States.

The post -working hours of the shares of American steel and aluminum producers were kept silent. Alcoa Corp. , The largest American aluminum producer, about one percent, while Nucor Corp, the largest American steel maker, rose 0.5 percent.

Trump’s move over the new customs tariff comes 10 percent on the goods from China; 25 percent of the fees on Canada and Mexico are currently stopping; The president’s plan to slap duties for other countries. The President also repeated his threat to impose fees on mutual definitions against countries that have accounts on US imports, saying that this could be announced over the next two days. He said that the administration will consider fees on cars and semi -conductors, as well as other possible sectors.

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Rising definitions

The metal definitions approved by the President on Monday are a broader work so far by Trump to counter American trade deficit and harness international trade as a source of revenue.

Trump authorized the new definitions under Article 232 of the Commercial Expansion Law, which gives the president the broad power to impose commercial restrictions on the foundations of local security. It is the same power that Trump used to impose a steel and aluminum tariff in 2018, during his first term in his post. With his ads on Monday, Trump will actually revive and expand these definitions.

A senior administration official said the procedure was necessary because steel and aluminum exporters offended exceptions under the previous policy, which harmed American producers. The official detailed the moves on a call with the correspondents earlier on Monday, provided that his identity was not disclosed.

Trump’s decision to include the final products in the direction of the river course is a big step that will have a large -scale price effects on a huge group of American consumers. While Trump’s tariff 2018 mostly focused on the raw steel industry and first aluminum production, these new definitions will include things such as clouds and panels that are converted into added value products required in everything from cars to window tires and cloud frameworks. This step would fulfill what the most extreme commercial protection has sought for years.

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Officials said Trump will also direct customs and protection of the American border to increase control to prevent foreign countries from classifying steel products to evade customs tariffs.

The voltage made a strategy adopted by Trump during his first term, when he imposed a tariff of 25 percent on steel and 10 percent on aluminum, which led to low imports in the United States of Minerals. The fees for revenge against American trade partners, including the European Union, which imposed a tariff on famous American goods, sparked Harley-Davidson Inc. Motorcycles To Levi Strauss and Jeans.

Trump has ended up granting a position exempt from customs duties to many major exporters, including Canada, Mexico and Brazil. Former President Joe Biden expanded these exemptions during his term.

It is not clear how countries can respond to the latest Trump’s move on the minerals, although the new Chinese fee is 10 percent on the goods entered into force on Monday.

Outside opponents say that the widespread definitions violate the global trading rules, which are insulting the United States’ allies abroad. Economists warn of Trump’s tariff of the costs of increasing costs in the United States for everything from grocery stores to gasoline – it is possible that the President’s inflationary pressures will destroy an ejaculation campaign. However, Trump administration officials contradict that the fees are part of a broader economic strategy – including extended tax cuts and expanded local energy production – that will help reduce costs in general.

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The United States relies heavily on aluminum imports to meet local demand, as many of these supplies come from Canada, the United Arab Emirates and China. Net aluminum imports reached more than 80 percent in 2023, according to Morgan Stanley.

Although foreign steel represents a smaller part of the total consumption, the space, space and cars sectors depend on the imported specialized grades.

The move also comes before the visit of Indian Prime Minister Narendra Modi this week. India is a steel supplier to the United States and the Indian Steel Association, a pressure group, which urged the government to take diplomatic measures to secure exemptions from American commercial restrictions.

Trump has made our steel revival the goal of signing its agenda. It was also a strong political promise in the states of the rust belt, such as Ohio and Pennsylvania, which has been eroded in industrial manufacturing functions. While the United Solid Workers Union, which is influential in such states, supported its general rival in the elections-former Vice President Kamala Harris-supports many local classes Trump.

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On Friday, Trump announced that he will continue to ban the Nippon Steel Corp offer in Japan to take over Steel Corp in the United States – a deal that also opposes the Steel Workers Union. Instead, the President said after a meeting with Japanese Prime Minister Shigro Ishiba that Nippon Steel may invest significantly in the American steel maker, allowing it to remain an American company with a large foreign support.

– With the help of Joe Dio and Akila Gardner.

Bloomberg.com

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