Daily Management Review

Trump introduces new steel and aluminum duties


Trump called the competition from foreign companies "shameful". Now importers will have to pay a duty of 25 percent, and importers of aluminum - 10 percent.

Gage Skidmore via flickr
Gage Skidmore via flickr
The US is imposing a duty on imports of steel and aluminum within the country. Steel importers will have to pay 25 percent; aluminum importers - 10 percent. This was on Thursday, March 1, said US President Donald Trump.

Speaking to American steelmakers, Trump described the "shameful" situation in which American enterprises suffered from foreign competition for decades. Fees will lead to the emergence of new jobs and the recovery of the American economy, he said. Next week, the Trump administration will announce specific details of the introduction of duties.

The EU will take measures

Meanwhile, European Commission President Jean-Claude Juncker has already said that the European Union is going to take retaliatory measures to protect its interests. The European Commission will present the draft of such measures in the next days.

Chairman of the German Economic Association of Steel Producers Hans Jürgen Kerkhoff demanded that the EU "take an immediate action." According to German steel producers, Trump violates the rules of the World Trade Organization (WTO), and it is necessary "to use the tools that the WTO provides" to protect themselves.

It is not yet clear whether duties on steel and aluminum imported from all countries will be applied, or exceptions will be made. Germany takes eighth place in the list of countries supplying steel in the US.

"The Threat of National Security"

In February, the US Department of Commerce proposed introduction of large-scale protectionist duties on the supply of aluminum and steel from 14 countries. The quality of the imported metal "threatens to violate the national security" of the United States, according to a document published on the agency's website. Minister of Commerce Wilbur Ross called on the country's President Donald Trump to take a decision on the import of steel before April 11, on the import of aluminum - until April 19.

source: dw.de

Science & Technology

Five new technologies that will change the world

Over 500 Genes Impacting Intelligence Identified By Scientists

MIT Scientists Say It Could Be Just 13 Years For Commercialization Of Nuclear Fusion

Apple patents MacBook with a keyboard screen

Vero: An Instagram killer?

Wacky Weather Causes ‘Split In The Polar Vortex’

Smart And Adaptive Artificial Eye Developed By Researchers At Harvard

NASA’s Mars Mission To Make Use Of Cold War-Era Atomic Rockets

Israel Completes Mars Habitat Simulation Experiment

Just $24 Earned By Hackers From The Huge Cryptojacking Campaign Conducted Last Week

World Politics

World & Politics

Ten world's largest importers of weapons

Christine Lagarde: there’s no winner in trade wars

10 best countries for freelancers

Alarming Concerns Or Driving Force Towards Green Energy? – Bitcoin Growth Comes At Environmental Cost

Catalan authorities refuse to greet the King of Spain

Ten Top Politicians To Be Investigated By Greek Parliament On Charges Of Taking Bribes From Novartis

The cloudy future of Saudi Arabia

Australia To Welcome Britain On The Latter’s Interest In Joining TPP