On Tuesday, President Donald Trump signed an executive order imposing a 50% tariff on steel and aluminum imports, effective at 12:01 a.m. ET. This decision aims to safeguard U.S. manufacturers from the negative impacts of low-priced foreign steel and aluminum, which the administration deems a threat to national security. In the executive order, Trump stated that the increased tariffs would help prevent foreign countries from undermining the competitiveness of the domestic steel and aluminum industries by flooding the U.S. market with excess cheap imports.
"I have determined that it is necessary to increase the previously described steel and aluminum tariffs to adjust the imports... so that such imports will not threaten to impair the national security."
"The increased tariffs will more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States market..."
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