Washington [US], February 11: Signing an executive order imposing a 25% tariff on all imported aluminum and steel, US President Donald Trump said this was 'the beginning of making America rich again'.
NBC News reported on February 11 that US President Donald Trump has just signed an executive order imposing a 25% tax on all aluminum and steel imported into the country.
"This is a big deal. It's the beginning of making America rich again," he said as he signed the order from the Oval Office.
The order imposes a 25% tariff on steel imports from all countries and increases the 2018 aluminum tariff from 10% to 25%, with no exceptions or exemptions.
The new tariffs come just a week after Mr Trump promised to suspend tariffs on Canada and Mexico.
The new tariffs will be in addition to existing tariffs on metals. During his first term (1997-2021), President Trump imposed a 25% tariff on steel imports and a 10% tariff on aluminum imports. The US then exempted several major trading partners, including Canada, Mexico and Brazil. Under former President Joe Biden, the tariff-free quota was expanded to include the UK, Japan and the European Union (EU).
The tariffs are similar to the steel and aluminum tariffs that Mr. Trump imposed during his first term, although at the time those tariffs were explicitly imposed for national security reasons.
This time, the rationale for the tariffs is a bit more vague, with the leader citing job creation and narrowing the US trade deficit. Last week, he promised to punish countries that "take advantage" of US businesses.
"Steel and Aluminum Tariffs 2.0 will end foreign dumping, boost domestic production, and protect our steel and aluminum industries as the backbone and pillar of America's national economic security," said US Trade Adviser Peter Navarro.
"The issue is making sure that America never has to depend on foreign countries for important industries like steel and aluminum," he said at a press conference on February 10.
Many analysts see tariffs as a negotiating tool for the US to gain concessions from other countries.
According to a 2022 report by the US Congressional Research Service, the majority of steel used by US companies is produced domestically, although the proportion of imported aluminum used by US companies is much larger.
Some U.S. companies are still resisting the tariffs. On February 10, the United Steelworkers, a group formed to benefit from the tariffs, said the measure would be counterproductive if applied too broadly.
Source: Thanh Nien Newspaper
