The Trump administration just doubled the tariffs on steel and aluminum imports. Here’s what that means
CNN
US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, a move cheered by the beleaguered US steel industry but decried by heavy users of the metals, from car makers to can manufacturers.
US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, a move cheered by the beleaguered American steel industry but worrisome to sectors that heavily use the metals, from car makers to can manufacturers. The jump in import taxes is the latest salvo in President Donald Trump’s trade war, part of a broad range of tariffs he’s levied since February. But the steel tariffs are especially significant to him and his political base, a symbol of once-iconic US manufacturing that has since fallen on hard times. The leap in tariffs likely won’t hit American pocketbooks immediately – but experts say that higher prices on construction projects, car lots, appliances and elsewhere are all but inevitable from the higher duties. And while the tariffs could protect steel manufacturing jobs, they could hurt employment in much larger industries. But the administration said the tariffs are crucial to national security and the economy. “Domestic steel and aluminum production is imperative for our defense-industrial base,” White House spokesman Kush Desai said in a statement to CNN. “The Trump administration is committed to reshoring manufacturing that’s critical for our national and economic security while unleashing a full suite of supply-side reforms – including rapid deregulation, tax cuts, and unleashing American energy – to continue delivering economic relief for the American people.” The American Iron and Steel Institute, an industry trade group, said that protecting the steel industry is crucial.
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