Trade Tactics: New Metals Tarriffs Reflect U.S. Policy Shift
On March 8, 2018, President Trump imposed a global tariff of 25% on steel imports and 10% on aluminum imports. A tariff is a tax on a particular class of imported goods or services that is designed to help protect domestic industries from foreign competition.
The metals tariffs have not been well received by U.S. allies or U.S.- based companies that operate internationally. Many economists outside the administration think there could be unintended economic consequences, primarily because steel and aluminum are used in many other products that are made in the United States.