Trump announces 25% tariffs on steel and aluminum
The United States has imposed tariffs of 25% on steel and aluminum imports, Donald Trump announced. The declaration made did not contain any additional information and therefore the implementation of the measure does not have a fixed date.
The President of the United States has announced the new measure on the way to the Super Bowl. Although the form in which the declaration issued is given raises mistrust, its importance cannot be denied, since we must bear in mind that the United States is the main importer of steel and aluminium from several countries, Canada or China among many others.
The lack of information on the declarations has left many unknowns on the international scene, but the reactions are not safe: U.S. economist Larry Summers has called for “strategic declarations” that if measures are implemented, “our country will be poorer, more inflationary and less competitive,” that such economic measures, among other things, are taken to protect jobs and that the protective effect that would have been generated in this case would be minimal.
These tariffs are in addition to some previously placed on the same raw materials. In 2018, Trump imposed 10% tariffs on aluminum and steel, with some exceptions: some countries and specific quotas did not pay them, while the tariffs included in the new declaration are for all countries. However, the indications of the expression have remained in this, since it has not been determined that they are or are not additives of the above.
In addition, the measure would generate an increase in the price of aluminum and steel in the country, increasing the production costs of construction and automotive companies. Also, the money received through tariffs is less than the cost that would be generated by turning on new ovens.
The European Union would also be sensitive to the measure, and initial reactions have been received from France. On the basis of the statements made by Foreign Minister Jean-Noel Barrot, he says that "as a response in 2018, they will respond in the same way this time", that is, by imposing tariffs on US products; when European interests are questioned, he says that "there must be no doubt".
The other main stakeholder in the international border tax fight is China, which has not been left out of making statements saying that "protectionism has no solution", while insisting that "there are no winners" in trade wars.
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