United States president Donald Trump signed an executive doubling the tariffs on steel and aluminium imports from 25 to 50 percent. The move marks a second such tariff hike on the metals with the first one being introduced by Trump during his first term as president in 2018.
Tariffs on the import of steel from the United Kingdom will remain at 25 percent in light of the trade deal signed between both nations last month.
According to the order released by the White House on Tuesday, the tariff hike is aimed at 바카라effectively countering foreign countries that continue to offload low-priced, excess steel and aluminum in the United States," thereby, cutting the competitiveness of US industries.
Trump바카라s statement
The US president had first announced his plans while addressing a rally of steel workers in Pittsburgh, Pennsylvania last week, asserting that the tariff would boost the national supply and reduce dependence on China.
While addressing the workers, Trump said that, "There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well deserved $5,000 bonus.바카라 He further claimed that he 바카라saved American Steel바카라 from the 25 percent tariff he imposed during his first stint as president. "We don't want America's future to be built with shoddy steel from Shanghai - we want it built with the strength and the pride of Pittsburgh!,바카라 he said.
The US President also announced that a partnership between US Steel and Japan바카라s Nippon Steel would invest $14 billion into steel production in the area.
EU바카라s reaction
The EU had expressed its criticism of the move asserting that it was prepared to retaliate to any such moves which "undermine the ongoing efforts to reach a negotiated solution.바카라
Several countries have been discussing trade deals with the United States, while nations like the UK have already entered an agreement.
