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    US tariffs on derivative aluminium and steel imports are in effect since February 8

  • China Aluminium Network
  • Post Time: 2020/2/14
  • Click Amount: 116

    The United States tariffs of 10 per cent and 25 per cent on derivative aluminium and steel imports reportedly took effect on Saturday, February 8, 2020. In late January, US President Donald Trump had declared to raise the tariffs to cover nails, staples, and other downstream products, calling this step an absolute necessary.


    US tariffs on derivative aluminium and steel imports are in effect since February 8


    Trump explained foreign producers of these derivative articles increased shipments to the United States, threatening the US national security.


    Some economists, however, are of the opinion that such tariffs may hurt the US manufacturing sector and the overall economy.


    "This latest action was significant because, explicitly for the first time, Trump was imposing new tariffs to help an industry suffering because of his previous tariffs," wrote Chad Bown, a senior fellow at the Washington-based Peterson Institute for International Economics.


    According to a research by Trade Partnership Worldwide LLC, higher aluminium and steel tariffs, quotas, and associated retaliation by trading partners may affect the US gross domestic product (GDP) by 0.2 per cent annually.


    The research also showed that 16 jobs would be lost in other US sectors for every job gained in the aluminium and steel sector, and every US state will experience job loss due to tariffs.


    Brown further said, "With each round of cascading tariffs, Trump has bullied more American companies into becoming protectionist. For many Americans, the higher costs resulting from his tariffs mean they can no longer compete with foreign firms in either the US or global market.”


    The countries that are exempt from this additional aluminium tariff include Argentina, Australia, Canada, and Mexico.

    Source: www.alcircle.com
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