America tariffs on imports of steel and aluminum : 25 percent of tariffs on steel and aluminum imports in the US have come into effect from Wednesday. Amidst the possibility of a decline in the stock market and economic recession due to high tariffs, President Donald Trump claimed that the new tariff system would help create employment opportunities in American factories. Meanwhile, India’s Steel Secretary Sandeep Poundric said that the increase in import duty in the US is not expected to have any major impact on the Indian industry, as India exports less than 1,00,000 metric tons of steel to the US.
America imposed 25% tariff on steel and aluminum imports
President Trump has removed all discounts from tariffs on steel imports implemented since 2018. Along with this, 10 percent tariff on aluminum imports has also been increased. The Trump government has imposed separate tariffs on Canada, Mexico and China. In addition, the European Union is also planning to impose mutual duty on imports from Brazil and South Korea from 2 April. Canada is the largest exporter of steel and aluminum to the United States. In turn, he is planning to impose tariffs on sugar imports worth $ 20.7 billion from the US, which will be effective from Thursday.
What did Canadian Finance Minister say?
Canada’s new tariffs will not only apply to American steel and aluminum, but will also apply to other items including computer, sports equipment and water heater worth $ 9.9 billion. Canadian Finance Minister Dominic Labtle said, “We will not remain silent when our steel and aluminum industries will be targeted improperly.” Canadian new tariffs are in addition to the 25 percent duty already imposed on US imports of US $ 20.8 billion.
While the European Union has also announced retaliation. European Commission Chairman Ursula von Der Leyen said that while the US is imposing $ 28 billion tariffs, we are taking counter -26 billion euros. This remedy, which will be effective from April 1, will apply not only to hospitals and aluminum manufacturers, but also to clothing, home appliances and agricultural products.
