US Prez Trump doubles tariff on steel, aluminium, sparing one country; Click for details

This move is being considered a new turn in the trade war policy of the Trump administration. Read further on Dynamite News:

Washington: America has taken a big decision to double the tariff on import of steel and aluminium. According to the order issued by the White House, this decision has come into effect from Wednesday under the order signed by President Donald Trump, reports Dynamite News correspondent.

This move is being considered a new turn in the trade war policy of the Trump administration. Now the tariff on steel and aluminium imported into the US has been increased from 25 percent to 50 percent.

President Trump said in his statement that this decision has been taken with the aim of securing the future of the American steel industry. He said that America has to protect its domestic metal industry so that it can survive in global competition in the future.

Exemption To One Country

However, the United Kingdom (UK) has been given a special exemption from this decision. Recently, a trade agreement was reached between the UK and the US, under which it was agreed to remove 25 percent tariff on British steel.

A UK government spokesperson told Reuters that his country would continue to work closely with the US to implement the agreement as soon as possible. He said that Britain is committed to protecting its industries and jobs. The decision to increase tariffs has also been criticized.

Negative Impact
Trade experts believe that this will have a negative impact on steel producers outside the US and trade partner countries may take retaliatory measures. Apart from this, the cost of US companies using these metals may increase drastically.

The US is the second largest importer of steel in the world. US industries mainly import steel and aluminium from countries like Canada, Brazil, South Korea and Mexico. Earlier in 2018, the Trump administration imposed a 25 percent tariff on steel and 10 percent on aluminum, citing national security.

Critics say if the tariff is raised to 50 per cent, it could further escalate tensions between the US and its trading partners.