Trump said it would increase tariffs on steel and 50% aluminum from 25%, with effect as of June 4. He made the announcement while visiting a US Steel Corp. plant on Friday. Later, Trump said he would increase aluminum rates in a social Truth publication, ING raw material experts, Ewa Manthey and Warren Patterson point out.
Trump says that tariffs are destined to strengthen national production
“The US imports significant volumes of aluminum and steel in Canada. It imports approximately half of its aluminum needs from abroad, the largest supplier being Canada, which represents 58% of imports, followed by 6% of the United Arab Emirates, according to figures from the US government. 23% of steel imports in the US come from Canada, followed by Brazil with 16%, Mexico with 12% and South Korea with 10%. “
“Trump said tariffs are intended to strengthen national production and bring EE.U. Important in the decline of the US smelting industry over the years.
“The Aluminum Foundry planned by Emirates Global Aluminium in the US, announced last month, could help reduce the US dependence on the imported aluminum and increase the national aluminum production. The plant will be the first new foundry of primary aluminum built in the US in more than 40 years. It is expected to have a capacity of 600,000 metric tons per year, almost double The US primary aluminum is expected that construction will begin at the end of 2026 and be completed at the end of the decade, with the first early production by 2030. Its final approval depends on ensuring a long -term energy supply. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
