President Trump to Impose Steel and Aluminum Tariffs on Imports

While steel and aluminum companies were rejoicing on President Donald J. Trump’s announcement that he would impose hefty tariffs on the foreign imports of aluminum and steel, some were quick to criticize his move.

According to Eswar Prasad, a Cornell University professor, “The international community will strongly respond to President Donald Trump’s controversial tariff plan.”

He told CNBC that the decision to impose a 25% tariff on steel and a 10% tariff on aluminum will invite “fairly strong retaliation from trading partners around the world, both targeted and unilateral actions.”

He also said, “One lesson that many of America’s trading partners have learned is that they need to use surgical strikes to make sure there is political pain exacted on the U.S. government.”

Canada being a part of the tariffs could lead to some consequences. According to Prasad, the country “might disrupt the ability of U.S. businesses to use their supply chains effectively.”

Canada’s foreign affairs minister Chrystia Freeland stated, “Should restrictions be imposed on Canadian steel and aluminum products, Canada will take responsive measures to defend its trade interests and workers.”

“The European Union has already talked about targeting very specific products from the U.S., China has talked about limiting soybean imports and certain high-tech equipment,” he explained.

President and Chief Executive Officer of Century Aluminum Company, Michael Bless remains optimistic. He remarked, “President Trump’s commitment is critical for the U.S. aluminum industry. The President’s bold leadership on the aluminum Sec. 232 will protect our country’s national security and help level the playing field for thousands of American aluminum workers.” He also said, “Thanks to the President’s leadership, once the tariffs are in place, we will work with the Commonwealth of Kentucky to restart our idled Hawesville, KY smelter, including the high purity production that is so critical to our nation’s defense, and bring back American jobs as soon as possible.”