President Trump officially raised tariffs on steel and aluminum imports to 25%, affecting all sources without exemptions. This action, which is aimed at revitalizing U.S. factory jobs, comes amid a turbulent stock market and fears of economic downturn. Furthermore, the EU has announced countermeasures worth around $28 billion. Trump maintains that these tariffs will encourage investments in U.S. manufacturing. Despite threats of even higher tariffs, he opted for a 25% rate, reiterating that bringing companies into the U.S. and creating jobs is a top priority.
Trump told CEOs in the Business Roundtable on Tuesday that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.
The higher it goes, the more likely it is they're going to build,' Trump told the group. 'The biggest win is if they move into our country and produce jobs.'
European Commission President Ursula von der Leyen said that as the United States was applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros, or about $28 billion.
Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce.
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