Finance
US President Donald Trump has announced intentions to slap 25% tariffs on all steel and aluminum imports into the United States “without exceptions or exemptions,” prompting fears about the impact on South Korean and other exporters.
Trump signed two proclamations detailing the sweeping tariffs, while affirming a promise to issue “reciprocal” tariffs “over the next two days” – taxes on US imports aimed to match tariff rates imposed by other countries on US exports, according to Yonhap News Agency.
During his first term, Trump placed a 25% tariff on steel imports and a 10% tariff on aluminum imports citing national security concerns. The new measures will remove exceptions, exemptions, and duty-free quotas for US trading partners, while increasing the tariff on aluminum to 25 per cent. They are set to take effect on March 4.
“Today, I am simplifying our tariffs on steel and aluminium so that everyone can understand exactly what it means. It’s 25 percent without exceptions or exemptions, and that’s all countries, no matter where it comes from,” Trump told reporters as he signed the documents.
“If it’s made in the United States, there is no tariff. All you have to do is make it in the United States. We don’t need it from another country,” he added.
Announcing what he cast as “massive” tariffs,” Trump claimed that America was “being pummelled by both friend and foe alike.”
“Our nation requires steel and aluminum to be made in America, not in foreign lands. We need to create in order to protect our country’s future resurgence of U.S. manufacturing and production, the likes of which has not been seen for many decades,” he said.
“It’s time for our great industries to come back to America … This is the first of many.”
Asked about what the president plans to do if other countries retaliate, Trump said, “I don’t mind.
“If they retaliate, as I said, it’s reciprocal,” he said. “If they raise it a little bit, then we raise it automatically. So I don’t think it helps for them to retaliate.”
Trump also warned that his administration is looking into the possible imposition of tariffs on cars, semiconductors and pharmaceuticals, among other items.
“Cars is going to be a very big one and a very important one, and America is going to be stronger than it ever was before,” he said.
Trump has already imposed a 10 per cent tariff on all Chinese goods coming into the U.S., while he has paused the imposition of a 25 per cent tariff on Canada and Mexico temporarily as the two countries agreed to step up efforts to prevent drug trafficking at their borders with the U.S.
Source: IANS
