Trump lifts US tariffs on North American steel and aluminum | Dump Trucks Charlotte NC
Columbus Ohio Dump Truck Company Brief:
- The United States has agreed to lift its tariffs on industrial metals from Mexico and Canada in exchange for the adoption of new monitoring and enforcement measures to prevent Chinese steel from being shipped to the U.S.
- The U.S. tariffs on steel and aluminum, imposed in March 2018, are to be lifted by the end of this weekend, the Washington Post reported.
- The deal clears a major obstacle to congressional passage of President Donald Trump’s new North American trade agreement. Senate Republicans had said they would not approve the North American trade deal while the tariffs were in place.
- The decision followed a Commerce Department report that said rising imports of foreign autos and auto parts impaired national security by threatening U.S. automotive research and development capabilities.
Dump Trucks Columbus OH Insight:
The Trump administration has long blamed Chinese overproduction of steel and aluminum for depressing global prices, saying that it drives many U.S. mills out of business. Citing national security, Trump last year imposed a global 25% tariff on steel imports and a 10% tariff on aluminum tariffs.
Though the tariffs were lauded by U.S. steel workers, the move was concerning to construction industry officials who worried about rising materials prices and a loss of construction jobs. U.S. manufacturers and other industry groups have said tariffs hurt those who manufacture construction and other types of columbus oh dump trucks and that more than 1 million jobs are at stake, according to the Association of Equipment Manufacturers last year. While the Canadian and Mexican tarrifs' impact negatively affected American businesses, according to Bloomberg, the effect of lifting of them is yet to be seen.
This includes the construction industry, as some developers delayed their capital programs because of uncertainty around the impact of the tariffs. This is especially true for those who source material from abroad.
The uncertainty surrounding international trade is far from over for U.S. manufacturers. On Friday, the Trump administration also announced it would delay tariffs on imports of cars and auto parts from Europe, Japan and other countries.