Trump says U.S. to impose steel, aluminum tariffs next week
- 6 years ago
U.S. President Donald Trump says he will sign off on steep tariffs on steel and aluminum imports next week, hitting producers like South Korea and China.
The Dow Jones industrial average slumped after the announcement amid fears of a trade war.
Park Jong-hong reports.
President Trump has made it clear that steel and aluminum exports to the U.S. will be subject to tariffs of 25 and 10 percent, respectively.
Trump is slated to sign an executive order next week making it official.
The plan was unveiled after a White House meeting with industry executives on Thursday.
President Trump added the move is aimed at propping up the U.S. industry and creating jobs for American workers.
"It'll be 25 percent for steel. It'll be 10 percent for aluminum. And it'll be for a long period of time. ... We'll be signing it in and you will have protection for the first time in a long while. And you've got to re-grow your industries."
He also said U.S. companies had been 'decimated' and had been treated unfairly by other countries for decades.
Analysts say it's unclear whether the rates of 25 percent for steel and 10 percent for aluminum will be instituted across the board or have some exceptions.
Trade sources in Washington think the rates would not apply to Canada which hires a number of American workers.
In any case, if the rate turns out to be final, South Korea will be letting out a sigh of relief as the U.S. Commerce Department had initially suggested dropping a tariff bomb of more than 53 percent on 12 countries, including Korea.
Following Canada and Brazil, South Korea is the third largest exporter of steel to the U.S. with last year's export volume estimated at three-point-six-five million tons.
Critics say Trump's measures will fail to boost jobs and even risk stoking a trade war with China.
Beijing has already threatened to curb U.S. imports of soybeans and the European Union says it will consider taking action as well.
Park Jong-hong, Arirang News.
The Dow Jones industrial average slumped after the announcement amid fears of a trade war.
Park Jong-hong reports.
President Trump has made it clear that steel and aluminum exports to the U.S. will be subject to tariffs of 25 and 10 percent, respectively.
Trump is slated to sign an executive order next week making it official.
The plan was unveiled after a White House meeting with industry executives on Thursday.
President Trump added the move is aimed at propping up the U.S. industry and creating jobs for American workers.
"It'll be 25 percent for steel. It'll be 10 percent for aluminum. And it'll be for a long period of time. ... We'll be signing it in and you will have protection for the first time in a long while. And you've got to re-grow your industries."
He also said U.S. companies had been 'decimated' and had been treated unfairly by other countries for decades.
Analysts say it's unclear whether the rates of 25 percent for steel and 10 percent for aluminum will be instituted across the board or have some exceptions.
Trade sources in Washington think the rates would not apply to Canada which hires a number of American workers.
In any case, if the rate turns out to be final, South Korea will be letting out a sigh of relief as the U.S. Commerce Department had initially suggested dropping a tariff bomb of more than 53 percent on 12 countries, including Korea.
Following Canada and Brazil, South Korea is the third largest exporter of steel to the U.S. with last year's export volume estimated at three-point-six-five million tons.
Critics say Trump's measures will fail to boost jobs and even risk stoking a trade war with China.
Beijing has already threatened to curb U.S. imports of soybeans and the European Union says it will consider taking action as well.
Park Jong-hong, Arirang News.