During the 2016 U.S. Presidential campaign, Donald Trump regularly warned that he would impose tariffs in order to protect American industry.
It now appears his administration is moving closer to implementing such a policy.
Earlier today, Trump tweeted the following:
Really great numbers on jobs & the economy! Things are starting to kick in now, and we have just begun! Don't like steel & aluminum dumping!
— Donald J. Trump (@realDonaldTrump) July 3, 2017
As reported by Axios, Trump is moving closer to supporting tariffs on steel. After those tariffs take effect, aluminum would be next.
Notes Axios, “Trump hasn’t made a final decision, but has shown inclination to tariffs in the 20% range for steel imports. There is still plenty of room for Trump to take a more moderate action with more targeted options — such as country-by-country, different types of steel, or setting baselines to target countries that ramp up exports.”
Reportedly, of all members of Trump’s cabinet, only Commerce Secretary Wilbur Ross supports the imposition of tariffs. However, the move is supported by strategist Steve Bannon and the economic nationalist wing of the White House, and they appear to be winning the internal argument so far.
Impact on Canada
U.S. steel tariffs (if Canada were not exempted), would have an impact on our economy. In 2015, steel represented 1.4% of all goods exported by our country, and a full 87% of those exports went to the United States.
Photo – Twitter