As of today, the increase in tariffs decided by US President Trump to steel and aluminum imports applies. The duty rate doubles from 25 to 50 percent.
The doubling of the US customs set to most steel and aluminum imports comes into force today. US President Donald Trump signed the corresponding decree late on Tuesday evening (local time) and thus implemented his announcement that has been in force last week to increase the tariffs that have been in force on steel and aluminum imports since March.
Overall, it is about “more effective against foreign countries that continue to unload excess steel and aluminum at low prices in the United States,” the order says. This undermines the competitiveness of the US economy.
The decree that the increase in tariffs previously imposed will “support these economic sectors more strongly”. In addition, the “national security threat, which emanates from the imports of steel and aluminum articles and their derivatives, would be reduced or eliminated.
Mexico wants to apply for an exception
The increase in tariffs is particularly hard. They are among the main suppliers for steel in the USA. The Canadian Prime Minister Mark Carney said that Canada “conducted intensive and lively negotiations to eliminate them and other tariffs”.
Mexican Economic Minister Marcelo Ebrard confirmed that the tariffs were unsustainable and unfair, especially in view of the fact that Mexico imports more steel from the USA than it exports there. “It makes no sense that the USA will raise tariffs on a product in which they have an excess,” he said, adding that Mexico would apply for an exception to the increase on Friday.
Increase does not apply to Great Britain
The Republican Trump has been driving a hard trading policy course since the beginning of his second term in January, which has shaken the global supply chains and stock markets. The latest increase applies to all trading partners with the exception of Great Britain, the only country that has so far been concluded with a temporary trade agreement with the USA.
The European Commission is currently negotiating with the US government to avert further surcharges.
