Trump Increases Steel, Aluminum Tariffs
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•US Politics
US Politics
Trump vows to take back ’stolen’ wealth as tariffs on steel and aluminum imports go into effect
77% Informative
President Donald Trump increases tariffs on all steel and aluminum imports to 25% .
European Commission President Ursula von der Leyen said that as the U.S. was “applying tariffs worth 28 billion dollars , we are responding with countermeasures worth 26 billion euros” Canada plans to impose retaliatory tariffs of Canadian $29.8 billion ( $20.7 billion ) starting Thursday .
Canada sees itself as locked in a trade war because of claims about fentanyl smuggling.
The president is addressing what he perceives as unfinished business from his first term.
The tariffs could help steel and aluminum plants in the United States , but they could raise prices for the manufacturers that use the metals as raw materials.
Trump sees the tariffs as leading to more domestic factories, and the White House has noted that Volvo , Volkswagen and Honda are all exploring an increase to their U.S. footprint.