From 0:00 on June 4 (US time), most aluminum and steel imported into the US will be taxed at 50%, double the  previous rate . On June 3, Mr. Trump signed an executive order to apply this tax.

"We started with 25%. But after looking at the data, we realized that it was effective but not enough. That's why the 50% tariff will start tomorrow," White House economic adviser Kevin Hassett said at a steel industry conference in Washington on June 3.

On May 30, at the Irvin Works plant of US Steel in West Mifflin (Pennsylvania), Mr. Trump  announced  this plan. "We will increase the tariff on imported steel into the US from 25% to 50%. This will help protect the steel industry better," he explained.

The new tariffs apply to all trading partners except the UK, which is the only country  to have reached a preliminary trade deal  with the US on a range of import duties. British aluminium and steel will still be subject to the 25% tariff until at least July 9. However, the UK is not among the top exporters of aluminium and steel to the US.

Currently, about 25% of steel used in the US is imported. Government figures show that the tariff increase will hit Canada and Mexico the hardest, the first and third largest steel exporters to the US.

Canada is also the largest exporter of aluminum to the U.S., exporting nearly double the volume of the next nine countries combined. The U.S. currently imports half of its aluminum. Canadian Prime Minister Mark Carney's office said the country is "actively and directly negotiating to eliminate this and other tariffs."

Mexican Economy Minister Marcelo Ebrard stressed that the tax was unreasonable and unfair, especially in the context that the country imports more steel than it exports to the US. "There is no reason for the US to impose a tax on a product that they export more than they do," he said, adding that Mexico had applied for an exemption on June 6.

(Source: Vnexpress)

--
Oristar – Leading Metal Supplier in Asia
⚡ Core product lines: Copper, Aluminum, Steel
⚡ Main product grades provided by Oristar: Aluminum alloys, Copper alloys, Aluminum alloy plates, Aluminum coil grades, Tool steel, Special steel: A5052, A6061, A7075, C1100, C2680, C3604, SUS303, SUS304, SKD11, SKD61,...
For product consultation, please contact:
⚡ Hotline: 0988 750 686
⚡ Email: info@oristar.vn
⚡ Zalo OA
⚡ ️Website E-commerce
⚡ Official Website