US Slaps 25% Tariff On Steel, Aluminium Imports

Washington: President Donald Trump officially increased tariffs on all steel and aluminum imports to 25 per cent on Wednesday, promising that the taxes would help create US 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 per cent. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce.

The US 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. The EU announced its own counter measures on Wednesday. European Commission President Ursula von der Leyen said that as the United States was “applying tariffs worth $28 billion, we are responding with counter measures worth 26 billion euros or about $28 billion”. Those measures, which cover not just steel and aluminum products, but also textiles, home appliances and agricultural goods, are due to take effect on April 1. Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in US factories.