Donald Trump, the President of the United States has signed an executive order for 25% tariffs on steel and aluminum imports into the country.
He signed the order on Monday “without exceptions or exemptions”.
This move will help the struggling industries in the United just but will increases the risk of a multi-front trade war.
Trump signed proclamations raising the United States tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals.
The tariffs will apply to millions of tons of steel and aluminum imports from countries like Canada, Mexico, South Korea, Brazil and other countries that had been entering the U.S. duty free under the carve-outs.
The move will simplify tariffs on the metals “so that everyone can understand exactly what it means,” Trump told reporters.
“It’s 25% without exceptions or exemptions. That’s all countries, no matter where it comes from, all countries,” he added.
“Our nation requires steel and aluminium to be made in America, not in foreign lands. We need to create in order to protect our country’s future,” Trump said as he signed the orders.
Trump later said he would give “great consideration” to Australia’s request for an exemption to the steel tariffs because the country’s trade deficit with the United States.
Recall that Trump had on Sunday said he would introduce new 25% tariffs on all steel and aluminum imports into the US, on top of existing metals duties, in another major escalation of his trade policy overhaul.
