Tax hike: Trump doubles tariff on import of steel, aluminium to 50%
New Delhi: US President Donald Trump has doubled import duties on steel and aluminium to 50%, effective Wednesday (June 4).
The White House said the step was “necessary to protect national security,” the media reported.
Earlier, tariffs on steel and aluminium imports helped the United States provide critical price support in the US market but the administration did not allow these industries to utilize production capacity necessary for the sustainable health and projected national defense needs.
The tariffs for steel and aluminium will, however, remain unchanged at 25 percent for Canada.
The doubling of tariff rates will affect the European steel industry , the German steel association WV Stahl said.
(Subham Singh)
