Staff Writer
Trump signed import tariffs March 15, adding a 25% increase on all steel imports coming into the US. Trump has described the import of foreign steel over domestic manufacturers as “an assault on our country” and pressed that domestic production of steel “was a matter of national security” as he seeks to target numerous countries regarding business and trading practices that harm American interests. However this move has raised concern in his own party over retaliation from other countries. Even Canada and Mexico whom are exempt from the tariffs have voiced discontent over the tariffs believing Washington will use them as leverage in the NAFTA talks.
Mexico’s Economic minister commented that NAFTA talks would be “independent“ of Trump’s tariffs.
Canada had a warmer reception to the news however vowed to press Washington until the threat of tariffs disappeared.
While this bill primarily targets American trading partners around the world, Trump’s interests lie in China, whose steel imports to the US are estimated to be four percent of the total steel used in the US market. China’s commerce minister said Beijing was “resolutely opposed” and that the tariffs would “seriously impact the normal order of international trade.”
According to Politifact even a micronation such as Taiwan rivals China in US steel exports at an estimated 3.2 percent, in comparison to the European Union (14.55%) and Canada (16.46).
Another factor that has gone unaccounted for was the effects these tariffs would have in America’s consumer goods industry, commodities that require steel for manufacturing such as home appliances, machinery and car manufacturers would suffer under the new tariffs. The new tariffs are set to take effect in 15 days.
