The Trump administration is poised to reveal stiff tariffs on steel and aluminum imports as soon as March 1, Bloomberg News reported March 1, citing people familiar with the matter.
President Donald Trump has told aides that he wants to impose a 25% tariff on steel and a 10% tariff on aluminum from all countries, according to two of the sources. However, one person told Bloomberg that details were still in flux and some countries could possibly get exemptions.
Trump has been weighing recommendations for curbing imports of steel and aluminum after the Commerce Department concluded that shipments of the metals to the U.S. posed an impact to national security.
The announcement of major new tariffs on steel and aluminum could reportedly lead to retaliation from China, which is a main producer of both metals, and also affect relations with allies including Canada and Mexico. It also could result in higher prices for consumer products ranging from cars to canned beverages in the U.S.
This news comes shortly after the White House imposed antidumping and countervailing duties on aluminum foil from China.
The Trump administration recently approved a tariff on imports of residential washers and also set antidumping duties on fiber imports from China and India. In addition, an investigation into rubber band imports is in the works.
