Daily Management Review

Trump introduces new steel and aluminum duties


03/02/2018


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






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