The steel and aluminum sectors are buzzing with the latest news from the White House. The American president has announced a significant increase in tariffs in a move that some believe will hurt and some believe will boost the US economy, and those sectors in particular.  This is not the first time the US has raised steel and aluminum tariffs.  However, this time, there is a renewed focus on making sure that the US does not depend on foreign countries for these products that are important for national security.  This new tariff will also help US manufacturers and show that the US will not stand for any country that tries to hurt their economy.

This decision will have a major impact on countries that export steel and aluminum to the US.  Most of the steel and aluminum used in the US comes from countries such as Canada and Brazil.  South Korea, Japan and Germany are also important exporters of steel and aluminum to the US.  China is not a major supplier of steel to the US, even though it is the largest exporter of steel in the world.  Many countries export their steel to the US at higher prices.  This move by the president is sure to make waves in the world market as the US is a major customer for several countries.

The president's top trade adviser was asked about these tariffs and their impact on the market.  He explained that these tariffs will end foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America’s economic and national security.  The president went on to say that he would be announcing a further set of reciprocal tariffs later in the week.  This has already drawn warnings of retaliation from trade partners.

The president has repeatedly claimed that tariffs could "Make America great again".  The idea is that by raising taxes on imported steel and aluminum, the US can help shore up US industrial heartlands.  Trump has also raised the prospect of future US tariffs on cars, semiconductor chips and pharmaceuticals from markets across the world.  It seems that the US is very concerned about the security of its economy.

It's clear that the president's fixation with tariffs has alarmed economists who warn that the imposition of these tariffs could derail his repeated promises to rapidly bring down prices for millions of Americans.  Some economists have warned that the tariffs may not be as effective as he claims.  The president has defended his strategy, saying that tariffs could raise "trillions" of dollars for the US economy because even the mere threat of import duties can prompt countries to bend to his will.  Tariffs are powerful tools, both economically and in getting everything else you want.

The White House has announced that the new tariffs will be introduced “without exceptions or exemptions”.  This means that countries that had hoped to avoid the tariffs will not be able to do so.  The president signed proclamations ending waivers granted to steel and aluminum tariffs.  The tariffs that were instituted during his first term had been reinstated.

Tariffs: Will Trump make America's steel great again?

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