US President Trump announced that he will impose a 25% tariff on imported steel and a 10% tariff on imported aluminum products, and this tariff will remain “for a long time.” The U.S. government’s latest trade protection initiative has attracted many opposition.
According to the information previously released, the U.S. Department of Commerce proposes three options to Trump: to impose non-discriminatory tariffs on all economies; impose heavy taxes on key economies while setting import quotas on other economies; set all economies corresponding import quota.
Analysts believe that Trump’s statement on the day means that he prefers the first option, that is, impose tariffs on imported products from all economies. One of Trump’s toughest options was his efforts to implement the U.S. priority trade policy.
For Trump’s statement, the European Commission Chairman stated on the 2nd that if the United States implements the above tariffs on imported steel and aluminum, the EU will “treat its people with its own people”.
The German Iron and Steel Association issued a statement accusing the United States of “setting tariff barriers on steel products worldwide to protect itself” and “obviously violating the rules of the World Trade Organization,” and the European Union must resolutely respond.
As the largest exporter of steel and aluminum products in the U.S. market, the Canadian government has responded strongly to the US tariff increase plan. The Canadian Prime Minister Justin Trudeau said on the 2nd that he “will never accept” the U.S. government imposed tariffs on imported steel and aluminum products, and warned that the U.S. move will seriously affect relations between the two countries.
Some commentators pointed out that Trump, who focused on the US mid-term election this fall, wanted to show his supporters the job creation efforts through protectionist policies. Even so, he has also been criticized in the United States. According to reports, U.S. Republican lawmakers criticized Trump for having deviated from the party’s traditional belief in freedom and open markets. The decision to impose tariffs was “erroneous.” Republican Senator Saas said: “To put it plainly, the president is proposing a substantial increase in taxes on American families.”