Washington: Taking forward the on-going trade war between the United States and other countries, US President Donald Trump is set to impose steep tariffs on steel and aluminum on three of US’ biggest trading partners – Canada, Mexico and the European Union (EU).
As reported by CNN, the said trade tariffs will come into effect from midnight.
25 percent tariffs will be imposed on imported steel and 10 percent on imported aluminum, as told by Commerce Secretary Wilbur Ross in a press conference today.
Ross said, “We take the view that without a strong economy, you cannot have strong national security.”
Earlier in March, Trump had announced the said tariffs to be applicable worldwide while exempting Canada, Mexico, and EU but with his recent move the US’ closest allies will now face the brunt of trade tariffs along with other countries.
Meanwhile, the three countries were negotiating with the United States to address the administration’s concerns about the state of domestic steel and aluminum production. Those negotiations had a Friday deadline.
The said trade-move would raise prices of a range of everyday products.
It could also place the United States in a trade dispute on more than one front while its administration is separately moving ahead with tariffs on Chinese goods.
The penalties were imposed under a 1962 law that gives the president broad power to increase or reduce tariffs on goods deemed critical to national security.
Following the announcement the Dow Jones indices fell about 200 points while the U.S. Steel company climbed three percent. (ANI)