President Donald Trump’s 50% tariffs on steel and aluminum went into effect. The tariffs come as Trump issued a proclamation to “increase the previously described steel and aluminum tariffs to adjust the imports of steel and aluminum articles and their derivative articles so that such imports will not threaten to impair the national security.”
“In my judgment, the increased tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market and thereby undercut the competitiveness of the United States steel and aluminum industries,” the proclamation reads. “Although the previously imposed steel and aluminum tariffs have helped provide critical price support in the United States market, they have not yet enabled these industries to develop and maintain the rates of capacity production utilization that are necessary for the industries’ sustained health and for projected national defense needs.”
“I have determined that increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles.”
After Trump first announced the tariff increase from 25% to 50% on May 30, President and CEO of the American Iron and Steel Institute Kevin Dempsey said the group “applauds the president’s bold action today to increase the tariffs on foreign steel and keep the American steel industry strong.”
The United Kingdom is currently spared from the steel tariffs amid the implementation of the U.S.-UK Economic Prosperity Deal.
