Jasper Ward and Jeff Mason
(Reuters) -Meric tariff rate for most imported steels and aluminum will double on Wednesday because President Donald Trump is growing a global trade war on the same day to expect business partners to deliver their “best offer” in the offers to prevent tax rates to other goods in early July.
Trump Late Tuesday signed a executive statement that made its surprise last week since the center, taking tariffs on steel and aluminum imports that were introduced from March to 50% of 25%.
“We started at 25 and after we studied the data, we realized it was a lot of help, but more help. And therefore starts tomorrow 50,” said White House’s economic advisor Kevin Hassett and explained this step at the Steel Industry Conference in Washington. The increase will come into force at 12:01 (0401 GMT).
The growth applies to all business partners except Britain, so far the only country that has concluded a preliminary trade agreement with the United States during a 90 -day break on a wider range of Trump tariffs. The level of imports of steel and aluminum from the UK – which does not affect the best exporters of one metal to the US – will remain 25% until 9 July.
About a quarter of all steel used in the US is imported and the census data show that increased fees will hit the nearest US business partners – Canada and Mexico – especially hard. Ranking no. 1 and 3, respectively, in the bundles of steel shipments to the USA
Canada is even more exposed to aluminum fees as the highest exporter to the US by far at about twice the rest of the 10 best exporters. The US gains about half its aluminum from foreign sources.
An unexpected increase in fees this week came the market with both metals, especially for aluminum, which this year recorded more than double the price premiums. With a small current capacity for increasing domestic production, the volumes of imports are unlikely to increase if the price does not increase demand.
Wednesday is also when the White House wants the business partners to submit their proposals for agreements that could help them avoid Trump’s hefty “day of liberation” as a result of being manifested in five weeks.
Officials of the administration of active interviews with a number of countries since Trump announced a pause of these tariffs on April 9, but to date only the United Kingdom’s agreement has taken place. Even this agreement, which provided the basis for carving from metals, is more of a preliminary framework for further interviews.
After the remaining weeks, the Trump team is eager to bring more shops over the line.
Reuters reported on Monday that US sales representatives are asking the country to give their best proposals in a number of key areas, including tariffs and quotas to buy American industrial and agricultural products and plans to remedy non-tariff barriers.
The letter promises the answers “in a few days” with a hint of “landing zone”, including what the country of tariff rates can be expected to expire after a 90 -day pause on tariffs on July 8. For most business partners in many cases, the current base rate maintains 10% 10%.
The White House spokesman Karoline Leitt confirmed this message on Tuesday and said, “Ustr sent this letter to all our business partners just to give them a friendly reminder that the deadline is coming.”
Other items required by Trump’s administration include any obligations concerning digital trade and economic security together with the obligations specific to the country, according to the letter.
(Another report of Alexandra Alper in Washington; writing Dan Burns; editing Lincoln feast.)
(Tagstotranslate) US tariff rate
