Continuing with his aggressive moves to throttle nations through economic sanctions, Donald Trump makes news once again as he increases tariffs on derivative steel products by an additional 25 percent and boosting duties on derivative aluminum products by an additional 10 percent.
The increase in tariffs comes into effect from February first week. The pressure is already being felt outside the US when foreign producers have started to boost their shipments in order to circumvent the increase in tariffs.
Donald Trump has been very forthright in saying that his intention of increasing the tariffs is to give more teeth to the manufacturing area of the US and in terms of maintaining national security.
Some countries are exempted from the increased tariffs. These include Argentina, Australia, Canada, and Mexico. However, the South will be slapped with the added tariff on aluminum goods.
Adding on to the recent announcement about restructuring global military presence and spending budgets, this move is also going to support the same. Speaking over the announcement, Trump has said, “Domestic production capacity to produce aluminum articles and steel articles for national defense and critical infrastructure is essential to United States national security.” While this will definitely give more muscle to America’s own production, it is further going to disturb the global economics, that is still trying to recover from the trade war that Trump started with one of the world’s most powerful economies, China.
Read more ECONOMIC NEWS: