US President Donald Trump on Friday announced a hike in import tariffs on products made of steel by an additional 25%, while derivative aluminium products will be slapped with an additional 10% duties. The latest tariffs came after Trump imposed import duties on the imports of raw steel and aluminium about two years ago.
According to Trump, imports of raw steel and aluminium have decreased since the imposition of tariffs. However, producers of derivative steel and aluminium products have significantly increased shipments of such products to circumvent the tariffs.
The latest tariffs exempt derivative steel products from Argentina, Australia, Canada, Mexico, Brazil, and South Korea. Derivative aluminium articles from Argentina, Australia, Canada and Mexico are also exempt.
