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Trump Announces Tariffs On Steel And Aluminum, Defying GOP And Jeopardizing Tax Reform

DEMOCRACY

Trump Announces Tariffs On Steel And Aluminum, Defying GOP And Jeopardizing Tax Reform




President Trump announced Thursday that he will sign an executive order imposing 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports next week, setting off a wave of global retaliation and defying pro-trade Republicans critical of protectionist policies.

“We’ll be signing it next week. And you’ll have protection for a long time in a while,” Trump said.

“You’ll have to regrow your industries, that’s all I’m asking.”

Trump’s decision to impose tariffs is expected to bring a strong backlash from global trading partners such as China, with some Republicans already pushing back on the move.

“It would be very bad for consumers, it would raise costs for all kinds of products, it would destroy more jobs than it saves in steel, and it would invite retaliation from other countries,” Sen. Pat Toomey (R-Pa) said Thursday.




“Tariffs are taxes paid by American businesses and American families, and new tariffs would jeopardize some of the opportunities we successfully created through tax reform,” Senate Finance Committee Chairman Orrin Hatch (R-Utah) said earlier this week.

The Hill added:

Trump had wanted to make an announcement on Thursday but the administration delayed a decision.

Instead he held a listening session with steel and aluminum leaders.

Commerce Secretary Wilbur Ross sent two sets of three recommendations to Trump last week saying that steel and aluminum imports are a threat to national security under a trade law called Section 232.




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