Steel and Aluminum Tariffs
President Trump signed an order on March 8, that imposes tariffs on steel and aluminum imports from all foreign countries, while excluding Canada and Mexico.
The president, joined by steel and aluminum workers, signed a companion proclamation, one on steel and one on aluminum, instituting a tariff of 25 percent on steel and 10 percent on aluminum imports. The tariffs will become effective on March 25, 2018.
"You are truly the backbone of America, you know that. Very special people," Trump told the American workers. "We have to protect our steel and aluminium industries while at the same time, showing great flexibility with people who are really friends of ours."
The U.S. is the world’s largest importer of steel, importing nearly four times as much as it exports, according to the White House. The U.S. imported five times as much primary aluminum as it produced in 2016.
The Trump administration's move to impose tariffs came after a nine-month investigation, led by Wilbur Ross, and interagency meetings from April 2017 through January 2018, which found that the current level of aluminum and steel imports to the U.S. had the “potential to threaten our national security.” Trump said the investigation documented a "growing crisis" in U.S. steel and aluminum industries, which he said have been "ravaged."
Many companies and corporations have been debating if this act by President Trump will benefit them or not.
McDonald Steel’s president, Tim Egnot, said, “Tariffs would be a good thing. He said he buys no foreign steel, but his competition is foreign, so they would most likely be subject to the tariffs.” Many people have other opinions.
Mitchell Joseph, president of the new Chill Can plant being built on Youngstown’s east side, said, “If aluminum prices increase, the cost of the aluminum can will also increase. He said the company’s heat exchange unit that chills the can is also made of aluminum, but overall, the price of the chill can package will be minimal at best.”
Once the Tariffs are put in place we will see how effective it is. Many people will continue to grow and develop more opinions.
Signed Bill: This is a picture of President Trump with the signed bill. He is with workers and engineers that work with steel and aluminum. The Tariffs will be in effect on March 25, 2018.
