President Trump spoke to reporters this evening as he signed – but did not immediately publish – the promised Executive Order to increase tariffs on imported steel and aluminum. Tariffs are scheduled to take effect March 12.
The tariff rate on aluminum will increase to 25%, to match the tariff rate for steel. The order reportedly removes the exemptions and/or tariff rate quotas previously enjoyed by Mexico, Canada, EU, South Korea, and Brazil, and also expands the scope of products covered.
The President stated that the tariffs are a continuation of the ongoing Section 232 actions initiated under his first administration. The President’s America First Trade Policy Executive Order only recently ordered the Assistant to the President for Economic Policy, in consultation with the Secretary of Commerce, USTR, and the Senior Counselor for Trade and Manufacturing, to review the effectiveness of these measures. The President is now ordering additional tariffs without waiting for the results of that review.
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