Trump's 25% Tariffs On All Steel, Aluminum Imports Go Into Effect
HuffPost
The president's moves are part of a broader effort to disrupt and transform global commerce.
WASHINGTON (AP) — President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, promising that the taxes would help create U.S. factory jobs at a time when his seesawing tariff threats are jolting the stock market and raising fears of an economic slowdown.
Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce. The U.S. president has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2.
Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.
“The higher it goes, the more likely it is they’re going to build,” Trump told the group. “The biggest win is if they move into our country and produce jobs. That’s a bigger win than the tariffs themselves, but the tariffs are going to be throwing off a lot of money to this country.”
Trump on Tuesday threatened to put tariffs of 50% on steel and aluminum from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on electricity sold to Michigan, Minnesota and New York.
Markets seem to have taken the latest escalations in stride.
The late-night host took the president to task for mocking the California governor's dyslexia.
“My goodness gracious."
The veteran Democratic strategist also slammed Trump as an “idiot,” a “moron” and a “sack of s**t president."
And three other takeways from primary night.
Scrutiny of New Jersey's U.S. Attorney's office has grown since its leadership structure was ruled unlawful.
Gabbard's tweet resurfaced following the resignation of the director of the U.S. National Counterterrorism Center on Tuesday.
“Arizona will not be bullied into letting any company place itself above state law,” said Democratic Attorney General Kris Mayes.
The United Farm Workers said Tuesday that allegations of “abuse of young women or minors” were concerning enough to pause events commemorating Chavez.
Sen. Lisa Murkowski (R-Alaska) was blunt about the odds of the Senate passing Trump's key priority: "It's not going to pass."
The vice president had previously said that initiating a war in Iran would be “a huge distraction of resources” and “massively expensive to our country.”
A no-alition of the willing.
The tiny pubs recreate the feel of a traditional Irish pub — but are just small enough to fit in a driveway.