Last Updated Mar - 12 - 2025, 04:50 PM | Source : Fela News
Trump increased tariffs to 25% on steel and aluminium, analysts are skeptical of its impact.
US President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, March 12, 2024. He removed all exemptions from his 2018 tariffs on these metals and raised aluminum tariffs from 10% to 25%.
Trump has already imposed separate tariffs on Canada, Mexico, and China. He also plans to tax imports from the EU, Brazil, and South Korea by charging reciprocal rates starting April 2, according to the Associated Press.
On Tuesday, Trump participated in a Business Roundtable session, speaking with CEOs he courted during his 2024 campaign. He emphasized that tariffs would bring factories back to the U.S., leading to job creation, which he sees as a greater benefit than tariff revenue itself.
Trump’s 2018 tariffs on steel and aluminum were weakened by exemptions and quotas, while the 2020 North American trade deal revision allowed Canada and Mexico to avoid them.
However, economists found that the tariffs’ benefits to the steel and aluminum industries were outweighed by the negative impact on downstream manufacturers, resulting in a production loss of nearly $3.5 billion in 2021.
While Trump believes tariffs encourage factory expansion, some companies may hesitate to invest due to rising costs, lower profits, and reduced sales.
Mar - 12 - 2025
US President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, March 12, 2024. He removed all exempt... Read More
Mar - 12 - 2025
Ukraine has agreed to support the U.S. proposal for a 30-day ceasefire with Russia, following "milestone" talks where the U.S. pledged to... Read More
Mar - 12 - 2025
A new AI tool called Manus is making waves in China, sparking expectations that it could replicate the success of DeepSeek, which shook the global ... Read More
