US President Donald Trump has signed an executive order to increase duties on imports of steel and aluminium twice – from 25 to 50%. The decision comes into force from 4 June.
The document states that the duties imposed in March “have not yet allowed” the US industry “to develop and maintain the rate of capacity utilisation necessary for the sustainable development of industries and the needs of national defence”.
According to Trump, the tariff hikes “will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminium products and their derivatives”.
This decision will not affect the UK, tariffs on imports from this country will remain at the same level of 25 per cent, clarifies Bloomberg.
25% duties on steel and aluminium Trump announced in March, they came into force in April. Trump’s trade adviser Peter Navarro said at the time that these measures would strengthen national security by strengthening domestic steel and aluminium producers.
Navarro said it was about “ensuring that America never has to rely on foreign countries for critical industries like steel and aluminium.”
Trump’s opponents believe that future growth is not guaranteed, but the duties are already hitting US steel and aluminium importers.