Market Research News

Steel Import Tariffs and Other Tariffs on the Cards According to Trump

  • July 1, 2017
  • By Pete Nisbet
  • 0

Steel import tariffs are likely to be imposed if Donald Trump gets his way. He is apparently ‘hell-bent’ on imposing import tariffs on steel and other imports into the US. These have been reported to be in the region of 20% or more.

 

The tariffs have been promoted by Commerce Secretary Wilbur Ross, and also supported by Stephen Miller, the White House policy advisor, and Peter Navarro of the National Trade Council. Of 25 officials present, it was reported that only three were in favor. That may not mean much if President Trump has his mind set on tariffs!

Steel Import Tariffs

Steel Import Tariffs News Leads to Slight Rise in Stock Prices

The report resulted in a slight rise in US Steel share prices and in shares of American steel manufacturer, Nucor Corporation. The stocks had been rising most of the last week in anticipation of steel import tariffs. However, there have been a number of complaints regarding the plan, particularly from the car industry. Warnings have been given to Trump that the auto industry would probably seek injunctions shortly after any tariffs were applied. Tariffs could significantly increase the price of steel.

 

A final decision has yet to be made. The ‘other imports’ referred to include aluminum, paper, semiconductors and some household appliances. The general effect of import tariffs is to raise prices of the items concerned. This may also interfere with plans to increase trade with China and other Asian countries.

 Engineering Industry Issues Raised by Steel Import Tariffs

The Trump administration’s “America First” policy is sure to create other similar problems. His own self-imposed Friday deadline for completion of a report on how such tariffs would affect national security has passed without any announcement. Officials have said that the delay was caused by “complexities” created in the engineering industry by such tariffs

 

A final decision on steel import tariffs has still to be made as complaints and concerns from business and the legal profession is examined and discussed. It would appear that news about this move was released precipitously, and it may never happen – but time will tell.

About Pete Nisbet

Pete has been working in the field of website design and content for many years. He has a great interest in technology and current affairs, particularly business affairs. Pete's interests are technology, writing and world affairs and he is widely traveled. Pete also holds an Honors BSc from the University of Edinburgh.