US President Donald Trump has imposed a 25 percent tariff on all steel and aluminium imports, aiming to protect domestic industries. Trump argues that unfair trade practices harm American workers and manufacturers. The tariffs are set to take effect on March 12 and are expected to trigger retaliatory measures from affected countries, potentially escalating into a trade war.
WASHINGTON: United States President Donald Trump has slapped 25 percent tariffs on all steel and aluminium imports in his latest push to reshape an international trading order that he claims is unfairly stacked against US manufacturers and workers.
“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 before signing an executive order to end various country and product-related exemptions from his first administration’s tariffs on steel. Trump said the tariffs, which he had floated on Sunday, would apply to all countries with “no exemptions, no exceptions”.Trump’s latest tariffs, which are due to take effect on March 12, are all but certain to prompt retaliatory moves from affected countries, which include some of Washington’s closest allies, raising the likelihood of new trade skirmishes on multiple fronts.
“US trading partners in Europe and Asia are virtually certain to retaliate, but this retaliation is likely to take the form of comparably narrow sectoral tariffs.”Canada was the biggest supplier of steel, followed by Mexico, Brazil, South Korea, Germany and Japan, according to the US International Trade Administration.
TARIFFS STEEL ALUMINIUM TRADE WAR PROTECTIONISM
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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trumpp steel and aluminium tariffs spark global market volatilityUS President Donald Trump announced new 25% tariffs on all steel and aluminum imports, causing global market fluctuations. Experts predict potential inflationary effects and a possible slowdown in demand. The announcement also raises concerns about a escalating trade war and uncertainty in the global economy.
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