US President Donald Trump has said he wants to impose large-scale tariffs on steel, aluminum and copper imported into the country, as well as other goods, including computer chips, semiconductors and pharmaceuticals. This was reported by USA Today.
In this way, Trump seeks to increase the production of these products in the United States. At the same time, economists warn that import tariffs could lead to higher prices for consumers.
The US President also announced his intention to introduce a universal tariff for all imports. Future Treasury Secretary Scott Bessant is in favor of starting with a 2.5% rate. However, Trump said he wants a rate “much higher” than that.
“Remember the word tariffs. We’re going to protect our people and our companies, and we’re going to protect our country with tariffs,” he said.
Trump also reiterated his call for Congress to reduce the corporate tax rate to 15% from the current 21% for companies that manufacture their goods in the United States.
The United States has launched a comprehensive review of its trade relations. The executive order published on the White House website, among other things, orders the relevant agencies to investigate the reasons for the US trade deficit with foreign countries, assess the feasibility of establishing the Foreign Revenue Service, identify unfair trade practices, and review existing trade agreements.
As GMK Center reported earlier, the American Iron and Steel Institute (AISI) supported the US President’s America First trade policy. In particular, AISI welcomed the commitment to continue implementing a strong and proactive line aimed at addressing many priority issues for the American steel industry.
