US President Donald Trump's recent decision to impose a 25% tariff on all steel and aluminum imports from Canada, Mexico, and other countries is set to have far-reaching consequences. According to media reports, these tariffs are not only poised to impact foreign industries but also place a significant burden on American consumers and businesses.
Announced on February 10, the 25% tariffs on imported steel and aluminum are scheduled to take effect from March 4. Additionally, President Trump hinted at the possibility of further tariffs on products such as automobiles. Coupled with his plans for a reciprocal tariff policy unveiled on February 13, these measures could escalate economic risks substantially.
Experts warn that the implementation of these tariffs may provoke retaliatory actions from other nations, targeting US exports and potentially sparking a damaging cycle of trade restrictions. Jennifer Hillman, former Vice Chairman of the US International Trade Commission, expressed concerns in an interview with Bloomberg, stating that the tariffs violate the United States' obligations as a member of the World Trade Organization (WTO) and breach several free trade agreements.
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Trump's steel and aluminium tariffs to hurt US industries, consumers
cgtn.com
