Economy

United States Imposes Steel and Aluminum Levies

The United States announces another set of levies against some of its key allies. The reports revealed that the country is looking to impose new aluminum and steel levies against the European Union, Mexico, and even Canada.

The U.S. in on a rampant streak of pushing this new tariffs and levies on several different countries. The first and notable one against China stirred a lot of commotion and turmoil. They even caused an all-out trade war against China after the aggressive moves.

The country’s decision managed to collate a lot of reaction in the market. First of all, the country’s involve already announced their retaliation against U.S.’ decision. The United Kingdom noted that they were “deeply disappointed” on the decision after weeks of negotiations.

U.S. to Implement New Tariffs on Various Countries

U.S. to Implement New Tariffs on Various Countries

The United States Plans Tariff Changes

Furthermore, the United States said that they are looking to apple a whopping 25% tax on steel. On the other hand, the aluminum imports are looking to have a massive 10% tax. The new tariffs are already looking to hit some part of Europe and Canada.

The new tariffs are looking to include an extensive product line which includes; plated steel, slabs, coil, rolls of aluminum and tubes. These raw materials are integral parts of U.S. manufacturing, construction, and even used in the oil industry.

These strings of tariffs are the bi-product of U.S. President Donald Trump’s announcement last March. He announced that he plans to impose the said tariffs on foreign steel and aluminum, pushing explanations on national security grounds.

President Trump argued that China’s growing oversupply of steel and aluminum is hurting the country. He mentioned that it continues to exert pressure on local steel and aluminum makers which are integral to the country’s growth.

 

Canada, Mexico, and EU to Retaliate on New Tariffs

Canada, Mexico, and EU to Retaliate on New Tariffs

Countries against the United States New Tariffs

On the other hand, countries such as South Korea, Argentina, Australia, and Brazil have concurred to put some kind of limits. The countries announced that they are modulating the volume of steel they ship in the United States.

Furthermore, the Canadian Foreign Minister Chrystia Freeland noted that they are looking to retaliate on U.S. new imposed tariffs. Prime Minister Justin Trudeau also mentioned that the tariffs will harm both of the countries’ economy.

The country looks to push a 10% tax on items such as; yogurt, whiskey, and roasted coffee. Meanwhile, Mexico’s Economy Ministry is looking to update the duties for the following; steel, pork legs, and shoulders, apples, grapes, blueberries, and cheese.

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