Press "Enter" to skip to content

Trump increases tariffs on derivative steel, aluminum products from some countries

© Reuters. FILE PHOTO: U.S. President Trump addresses U.S. mayors at the White House in Washington

WASHINGTON (Reuters) – U.S. President Donald Trump on Friday signed a proclamation increasing tariffs on derivative steel products by an additional 25 percent and boosting duties on derivative aluminum products by an additional 10 percent.

Trump said Argentina, Australia, Brazil, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products, and Argentina, Australia, Canada and Mexico are exempt from the added duties on derivative aluminum articles.

Trump has imposed tariffs on imported steel and aluminum to help boost U.S. production, which he says is a national security issue.

Since the imposition of tariffs, Trump said, imports of steel and aluminum have declined but imports of derivative products, like steel nails and aluminum cables, have increased.

Trump said “foreign producers of these derivative articles have increased shipments of such articles to the United States to circumvent the duties on aluminum articles and steel articles.” He said the increased tariffs would be effective on Feb. 8.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com