President Trump is likely to impose the “harshest tariffs” possible on imports of steel and aluminum to protect American industries from countries dumping cheap foreign goods in the U.S.
An exclusive report by Bloomberg, reveals that Trump is likely to side with Commerce Secretary Wilbur Ross and impose a global tariff of 24 percent on imported steel and a 10 percent tariff on imported aluminum, a move that would signal his unwavering agenda of economic nationalism.
Bloomberg reports:
President Donald Trump has told confidants that he wants to impose the harshest tariffs on steel and aluminum imports recommended by the Commerce Department, according to three people familiar with the matter. [Emphasis added]
Trump has said he wants to slap a global tariff of 24 percent on steel imports, the most severe of three options presented to him in a report in January. He’s also considering as much as a 10 percent duty on all aluminum entering the U.S., which would be more than 2.5 percentage points higher than the harshest of Commerce’s recommendations. [Emphasis added]
Trump’s wanting harsh tariffs comes after Ross released a report recommending a major crackdown on imported foreign goods to the country, Breitbart News reported.
For steel imports, Ross is asking Trump to impose:
- A global tariff of at least 24 percent on all steel imports from all countries
- Or, a tariff of at least 53 percent on all steel imports from Brazil, China, Costa Rica, Egypt, India, Malaysia, Republic of Korea, Russia, South Africa, Thailand, Turkey, and Vietnam
- Or, “a quota on all steel products from all countries equal to 63% of each country’s 2017 exports to the United States.”
Ross said in a statement that the steel tariffs are designed to increase domestic steel production to 80 percent from its current rate of 73 percent.
For aluminum imports, Ross is asking Trump to impose:
- A tariff of at least 7.7 percent on all aluminum imports from all exporter countries
- Or, a 23.6 percent tariff on all products from China, Hong Kong, Russia, Venezuela, and Vietnam
- Or, “a quota on all imports from all countries equal to a maximum of 86.7% of their 2017 exports to the United States.”
Earlier this month, Trump signaled support for such tariffs, blasting foreign countries — specifically China — for taking advantage of the U.S. on trade, Breitbart News reported.
“They are dumping and destroying our industry and destroying the families of workers and we can’t let that happen,” Trump said.
“You have countries that are so over-producing and what they’re doing is they’re dumping it on us and you look at what empty steel factories and plants and it’s a very sad thing to look at,” Trump continued. “I’ve been looking at it for two years as I went around campaigning.”
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.