Trump announces steel,aluminum tariffs

Added On March 9, 2018

According to the proclamation signed on Thursday, the U.S. will impose a 25-percent tariff on imported steel and 10-percent on aluminum.
Trump said in the White House that a strong steel and aluminum industry is vital to the national security.
The tariffs will take effect in 15 days with initial exemptions for Canada and Mexico pending the renegotiation of the North American Free Trade Agreement (NAFTA). 
Trump signaled that all other countries also have opportunities to be exempt from the tariffs by negotiations with the United States. 
While Trump argued that new tariffs would boost American steel and aluminum production, economists and business groups have warned that such tariffs could backfire and ultimately hurt the overall U.S. economy. 
Past experience has shown that such tariffs will likely raise costs for American consumers, hurt American downstream industries that use metals. 
A recent study estimated that Trump's new tariffs on steel and aluminum would result in a net loss of 146,000 U.S. jobs after accounting for positive impacts on U.S. steel and aluminum producers.
China on Friday expressed "firm opposition" to the U.S. tariffs, saying the move will seriously undermine normal international trade order.