Trump Considering Huge Tariff Increase on Steel, Aluminum With Weak ‘National Security’ Rationale

Imagine China/NewscomThe Trump administration is trying to sell its plan to slap tariffs on imported steel and aluminum as necessary for national security, but the import taxes are an unnecessary step that will hurt American manufacturers and increase prices on a wide range of products, from cars to beer cans.

Last week, Commerce Secretary Wilbur Ross formally submitted to the White House a proposal for 24 percent tariffs on all steel imports. Alternatively, the plan calls for a 53 percent tariff on steel imported from 12 nations, including China, with import quotas on steel produced in all other countries, capping possible imports from those locations at 2017 levels. The proposal also calls for a tariff of 7.7 percent on aluminum imports from all countries, or a 23.6 percent import on products from five countries (China, Hong Kong, Russia, Venezuela, and Vietnam) with a quota on all imports from other places.

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