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Last month, we reported on how the Trump administration was considering putting new tariffs or taxes on steel and aluminum that comes from other countries. Yesterday, President Donald Trump announced he was officially putting those tariffs into place. When they take effect, it will cost 25 percent more to bring steel into the U.S. from other countries and 10 percent more to import aluminum.
But the taxes won't apply to every nation. Canada and Mexico will exceptions as the U.S. renegotiates an existing trade agreement with them.
And other countries around the world can request exemptions to the tariffs as well.
The president says a strong steel and aluminum industry is vital to U.S. national security, that the tariffs fulfill his campaign promise to protect American workers and that they're intended to encourage companies to buy American made steel and aluminum.
Two American metal companies announced that they plan to hire 800 workers because of the tariffs. But critics say the tariffs could wind up costing thousands of jobs, if they hurt American businesses that depend on imported metals to make their products. A prominent Senate Democrat says the tariffs are, quote, like dropping a bomb on a flea, and dozens of Republicans are concerned they could cause a global trade war when countries try to hurt each other by increasing restrictions on one another's products.
The new tariffs are set to take effect in 14 days.
