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ECONOMY > Trade

President Trump says U.S. to impose tariffs on steel, aluminum imports

NHK reported this morning that President Trump announced on Thursday that he will formally decide as early as next week to impose tariffs of 25% on steel and 10% on aluminum based on Section 232 of the Trade Expansion Act, invoking his presidential authority on the grounds that China’s steel products have become a security threat to the U.S.  The President reportedly said the tariffs will be in effect “for a long period of time.” An NHK reporter opined that if a nation is allowed to invoke import restrictions for security reasons, it could provoke other nations to follow suit, adding that this could pose the risk of paralyzing the global economy.

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