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Trump signed aluminum and steel import taxes

Trump signed aluminum and steel import taxes

Yesterday, one of the most argued world economic issues in the last two weeks was resolved. US President Donald Trump signed tax imposing on aluminum and steel imports. They are 10% and 25% respectively. The law comes into force 15 days after the date of signing.

This decision is a win of protectionists in US government, leaded by Peter Navarro. Trump twitted, this measure is aimed to protect country’s own heavy industry and wouldn’t harm US «real friends» in trade and protection areas. Taxes may be cancelled or restricted for several partners if their import won’t make threat to US interests.

Trump’s decision caused outburst of emotions. EU and China warned US earlier, if the document would signed they would respond.  The decree caused a wide discussion in American society. Many opponents of signed document consider this as the beginning of a new global trade war. Recall, the last such precedent took place in the 1930s. In the next few days the reaction of the countries affected by the decree (EU, Canada, China, etc.) to this decision is expected.