The 25 percent tariff on steel and aluminum is officially in place. President Trump signed the official proclamation last night.
The move includes a 25 percent tariff on steel and aluminum from all countries. Tariffs had already been in place, but there had been exceptions. The move is supported by steel manufacturers in the United States, who have long asked for protections from cheaper foreign imports.
President Trump called the move a big deal and said it is time for great industries to come back to America. The President also talked about concerns that recent tariff action would hurt farmers and ranchers.
“The farmers are going to be helped greatly because they’re not going to be dumping everything into our country. This would be a great bill for farmers. In terms of retaliation, if they retaliate, it’s reciprocal. So, if they raise it a little bit, then we raise it immediately. So, I don’t think it helps for them to retaliate.”
Tariffs have been a big topic out of Washington since Trump took office. There is still a pause on 25 percent blanket tariffs on Canada and Mexico while discussions continue.
Exports depend more on demand than currency shifts.
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