Trump Wants Steel and Aluminum Tariffs
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What’s the story?
President Donald Trump said on Thursday that he plans to impose a 25 percent tariff on steel imports and a 10 percent fee on aluminum.
Trump told a group of steel and aluminum executives that this would protect them against foreign competition.
What are importers saying?
Jack Gerard, of the American Petroleum Institute, said the proposed tariffs "are inconsistent with the Administration's goal of continuing the energy renaissance and building world class infrastructure. The U.S. oil and natural gas industry, in particular, relies on specialty steel for many of its projects that most U.S. steelmakers don't supply."
Dan Whitten, vice president of communications at the Solar Energy Industries Association, said: "I've been told that at a 25 percent tariff rate, it could add as much as 2 cents a watt to the cost of a utility scale project. That is a significant added cost, especially on top of the job-killing solar tariffs."
What are exporters saying?
The European Union, Germany, Canada and other nations have threatened retaliation for the tariffs.
Hans Jürgen Kerkhoff, president of the German Steel Federation, said, "These measure clearly violate the rules of the World Trade Organization. If the E.U. does not react, our steel industry will pay the bill for U.S. protectionism."
Canada’s foreign minister, Chrystia Freeland, vowed that "Canada will take responsive measures to defend its trade interests and workers."
Roberto Azevêdo, the World Trade Organization’s director general, said the group "is clearly concerned at the announcement of U.S. plans for tariffs on steel and aluminum. The potential for escalation is real, as we have seen from the initial responses of others. A trade war is in no one’s interests. The W.T.O. will be watching the situation very closely."
What’s the president saying?
President Trump responded to these threats in a pair of tweets on Friday:
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
We must protect our country and our workers. Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
What are you saying?
Are "trade wars good and easy to win"? Or do you agree with Sen. Orrin Hatch (R-UT) that the planned tariffs are “a tax hike the American people don't need and can't afford”? Hit Take Action and tell your reps, then share your thoughts below.
—Josh Herman
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(Photo Credit: unkas_photo / iStock)
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