Trump announces 25% tariffs on foreign steel and aluminum US president ramps up controversial bid to boost economy by hiking import taxes to ensure ‘level playing field’.
Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.
“The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America’s economic and national security,” he told reporters.
Trump and his allies, who repeatedly claimed that tariffs could “Make America Great Again” when fighting to regain the White House, believe that higher taxes on imported steel and aluminum will help shore up US industrial heartlands.
The US president first broached the steel and aluminum action on Sunday, adding that he would also announce a further set of reciprocal tariffs later in the week, drawing warnings of retaliation from trade partners.
