Trump General Baja Tax Increases, Aluminum to 50 Percent
Hamilton (Canada), May 31 (named) – US President Donald Trump on Friday announced a significant increase in steel and aluminum import tariffs, doubling the existing tariffs from 25 percent to 50 percent in the effort he described as a step to protect the local industry.
“Today, I have a big announcement.
“We will implement an increase of 25 percent. We will increase from 25 percent to 50 percent for the level of steel imports to the United States, which will ensure the country’s steel industry.
“No one can overcome it,” Trump said in his speech at a meeting at the US steel facility in Pittsburgh, Pennsylvania.
Trump said the increase in interest rates was aimed at bridging the gap used by foreign competitors to avoid previous tariffs, Anadolu Ajansi reported.
“So, we raised it from 25 percent, we multiplied to 50 percent and closed shortcuts,” he said.
For investors in the US steel sector, Trump said: “At 25 percent, they can still release it. But at the 50 percent level, they can no longer.
“I say that ‘tariffs’ for me are the most beautiful words in the dictionary,” he said.
The announcement was made during a general meeting to celebrate the “blockbuster agreement” between Nippon Steel and US Steel.
“We are here today to celebrate a big problem that will ensure that this historic American company remains America,” he said.
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Describing Nippon Steel from Japan as a great partner, Trump said: “Japan is my best friend as long as I became president.”
As part of this important commitment, Nippon will invest US $ 2.2 billion to increase steel production at Mon Valley Works, he said, referring to a steel processing plant.
“Other US $ 7 billion will be used to modernize steel factories, expand iron ore mines, and build high technology facilities in Indiana, Minnesota, Alabama and Arkansas.
“This step is expected to create and maintain more than 100,000 jobs for Americans,” he said.
Source: Named
Trump general steel tax increase post, aluminum up to 50 percent first appeared in Siakap Keli.
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