President Trump announces he is like to impose global tariffs on imported steel and aluminum – in a broad effort to ensure U.S. national security and manufacturing capacity within a very important industrial sector.
Earlier today President Trump appeared to be accepting Commerce Secretary Ross proposals for 25 percent tariffs on imported steel and 10 percent for aluminum. It is likely the tariffs will apply globally to all imports because targeted national tariffs have not worked. China ships their manufactured steel to another nation first in order to avoid the tariff. As Secretary Ross has previously stated we end up with a whack-a-mole policy. So likely the tariff will apply globally regardless of the nation shipping the product.
The usual, the corporate GOPe and Chamber of Commerce politicians will go bananas.
Last year President Donald Trump requested a national security Section 232 trade-investigation, to conducted by the U.S. Department of Commerce and Secretary Wilbur Ross, specifically focusing on U.S. steel and aluminum manufacturing.
The discussion continued last month as President Trump met with a group of republican and democrat members of congress to talk about trade policy and focus attention on the lack of American steel and aluminum production. [The responses from the republican participants was very enlightening and disappointing.]
Commerce Department Recommendations HERE