Trump’s Steel and Aluminum Tariffs Economic Impact and Global Repercussions
US Tariffs on Steel and Aluminum: Double tariffs on imports of aluminum and steel have been announced by Donald Trump, the newly elected President of the United States. The tariffs would affect several countries but, in particular, Canada, which exports 90% of its steel and aluminum to the U.S. These measures by Trump have aggravated global trade tensions and raised fears that economic uncertainty will ensue; the manifestation of such uncertainty would be detrimental to Canada’s manufacturing, contributing almost 10% to Canada’s gross domestic product (GDP) and affecting the economy in recessionary scenarios. Although the tariffs apply to imports from all countries, Canada will be the most impacted so far as the U.S. imports a larger amount of steel and aluminum from Canada than any other country. Moreover, aluminum imports from Canada are greater than the 10 countries combined. Increased tariffs are intended to buttress the U.S. manufacturing environment, but they saddle ...