Monday, March 5, 2018
President Trump’s Announcement on
Steel and Aluminum Tariffs
Two weeks ago an industry notification was sent to alert the trade of the findings of U.S. Commerce Secretary Wilbur Ross regarding imports of steel and aluminum and his recommendation that tariffs and quotas be imposed upon a broad range of these imports. Since then, due to widely diverse opinions, a flurry of meetings with industry executives of the steel and aluminum industry, members of Congress, and trade advisers, have been held to thrash out the matter.
An announcement was made on March 1 by President Trump that beginning “next week” tariffs of 25 percent for steel and 10 percent for aluminum would be implemented and would be in place for an unlimited time. Major U.S. trading partners in opposition to the announcement, including the EU and Canada, were quickly released, raising the possibility of retaliatory measures.
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