Trump Announces Heavy Taxes on Imports of Steel and Aluminum Products, Exempted from Canada Mexico

2018-03-10 08:34  VIEW : 1349

On March 8, US President Trump signed an executive order and imposed a global tariff of 25% and 10% respectively on imports of steel and aluminum, but Canada and Mexico obtained exemptions, leaving room for other countries to negotiate tariffs.


Trump stated at the customs signing ceremony held by the White House that the taxation of steel and aluminum is a necessary measure to maintain the national security of the United States because "the production crisis of steel and aluminum has threatened the security of our country and also bad for our economy. " The global tariff imposed by the United States on steel and aluminum will take effect within 15 days.


Trump said that because of the North American Free Trade Agreement (NAFTA) in the negotiations, the taxation of Canada and Mexico was postponed. He also added that the tariff order will allow him to increase or reduce tariffs on a country-by-country basis, or increase or decrease the number of countries on the sanctions list as he sees fit. However, the White House did not disclose the details of the application for exemption.


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