Donald Trump, leader, approved fresh tariffs on Monday, upending all past exemptions to the charges he imposed on steel and aluminum goods during his first term in office to 25 %.
Peter Navarro, Trump’s top business director, said Trump’s tariffs may “put an end to international dumping, boost local manufacturing, and secure our steel and aluminum industries as the foundation and wall industries of America’s economic and regional security”.
According to senior White House officials who were briefed on the government’s steps before the White House signing ceremony of the new levies, the Biden administration “granted hundreds of thousands of deductions” to Trump’s 2018 metal taxes, which caused lower efficiency rates despite local production’s improvement.
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” The net effect has been really very difficult days” for American steel and aluminum generation, one White House official said.
A subsequent White House official stated that the new levies won’t go into effect until early March to prevent supplies that are already en route to the US from being subject to them.
The White House says Trump is expanding the tariffs to “include essential river products, including fabricated architectural material, pre-stressed material strand, and related types of products in the aluminum industry, like extrusions” and is “ending totally” the product exclusion process.
A senior White House official stated that President Trump’s bold action puts an end to the widespread exploitation and bribery that has affected British workers. It restores the strength of the country’s steel and aluminum industries. ” The Trump 2.0 taxes are a direct reaction to the failed policies of the Biden administration, which allowed China, Russia, and many of our friends like Canada, Mexico, Brazil, and the Euro to influence business and cripple U. S. business”.
Just one week prior, Trump placed 10 % tariffs on Chinese imports to the U. S. the previous week. Beijing retaliated by imposing tariffs on American energy products, including a 10 % tax on oil and liquefied natural gas, among others. China also placed tariffs on U. S. automobiles and rare earth minerals.
Trump had previously announced 25 % tariffs on imports from Canada and Mexico, but he put off implementation for a month after reaching agreements with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau regarding border security and the drug trade.
As Israel and Hamas work to put an end to the Gaza war, according to White House aides, Trump may impose additional tariffs on Arab nations that reject his request to resettle Palestinian refugees.
National security adviser Mike Waltz told the , Washington Examiner last Wednesday, just one day after the president made his plans for a U.S. takeover of Gaza following the war, that” I think President Trump views tariffs as a key tool for our foreign policy.”
Top White House aides have reportedly been caught on with Trump’s public comments over the past two weeks, which has caused some to disagree about the actual strategy behind the push.
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Trump himself threw that notion out the window in the ensuing days by confirming his intention to impose “reciprocal tariffs” on nations that tax imports from the U.S. Navarro had previously claimed that the president’s tariff threats were part of a “drug war” and not attempts to re-negotiate favorable trade agreements.
The president told reporters on Air Force One on Sunday, adding that the reciprocal announcement would be made on Tuesday or Wednesday, noting that “if they are charging us 130 % and we’re charging them nothing, it’s not going to stay that way.”
Kevin Hassett, the director of Trump’s National Economic Council and former head of the Council of Economic Advisors, claimed on Monday morning that the president had long been a fan of the idea of putting in place reciprocal trade agreements.
” The president’s talked about reciprocal tariffs since I first met him in 2017″, Hassett told the , Washington Examiner. He believes it’s unfair that our trading partners charge tariffs that are two or three times what we are required to be.
Meanwhile, Jamieson Greer, Trump’s nominee to be the U. S. trade representative, claimed during his Senate confirmation hearing on Thursday that Trump’s tariffs are focused on both American trade imbalances and combating the fentanyl trade in the Western Hemisphere.
” We have a lot of trading partners like this who have very significant trade access in the United States, and we don’t have reciprocal access going the other way,” he said. ” For me, this is a huge problem”.
According to Peter Loge, professor at George Washington University and director of the Project on Ethics in Political Communication, Trump’s tariffs don’t give him any new influence in negotiations with foreign leaders.
He makes extravagant statements and receives,” of course, what was going to happen.” He lifted threatened tariffs against Mexico after the Mexican president pledged to move 10, 000 troops to the U. S. Mexico border, which was fewer than the 15, 000 troops she already deployed”, he told the Washington Examiner. The biggest win for Canada came from giving someone a title and a commitment to pay attention. In many ways, this is a continuation of the first administration, which saw a lot more flash than bang.
Trump’s supporters on Capitol Hill have taken actions to support the president in advancing his tariff plan. The Reciprocal Trade Act, which would allow Trump to unilaterally impose equal tariffs on other nations that impose taxes on American exports, was introduced by Rep. Riley Moore (R-WV ). The president has stated that he will pass the Reciprocal Trade Act.
Whatever their aims, Trump’s pursuit of tariffs have had a signficant impact on financial markets.
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The S&, P 500, Dow Jones Industrial Average, and Nasdaq composite all fell at open last week after Trump confirmed his plans for new tariffs on Canadian, Chinese, and Mexican products.
Still, Trump’s threats of reciprocal tariffs over the weekend drove stocks up Monday morning, with gold, the U. S. dollar, and tech and steel funds all seeing a bounce.
