International
oi-Amit Vasudev
In
an
intensification
of
his
trade
policy,
US
President
Donald
Trump
has
signed
an
executive
order
to
double
tariffs
on
imported
steel
and
aluminium
to
50
per
cent,
describing
the
measure
as
vital
for
safeguarding
America’s
national
security
and
industrial
capacity.
The
revised
tariffs,
set
to
take
effect
shortly
after
midnight
on
Wednesday,
will
also
apply
to
derivative
products
manufactured
from
steel
and
aluminium.
President
Donald
Trump
Trump’s
proclamation
signals
a
major
pivot
in
trade
policy,
targeting
what
he
termed
as
“excessively
low-priced” imports
which,
he
argued,
endanger
the
survival
of
domestic
producers
in
the
US.
“In
my
judgment,
the
increased
tariffs
will
more
effectively
counter
foreign
countries
that
continue
to
offload
low-priced,
excess
steel
and
aluminum
in
the
United
States,” Trump
said.
The
decision
followed
updated
assessments
from
Commerce
Secretary
Howard
Lutnick
regarding
the
condition
of
the
steel
and
aluminium
industries
–
findings
which
Trump
said
underscored
the
need
for
enhanced
protective
measures.
“I
doubled
the
rates
after
receiving
new
information
about
the
sector
from
Commerce
Secretary
Howard
Lutnick,” Trump
explained.
While
the
majority
of
countries
will
now
be
subjected
to
the
50
per
cent
levy,
the
United
Kingdom
will
continue
to
face
the
existing
25
per
cent
rate
owing
to
a
standing
framework
trade
agreement.
However,
the
proclamation
cautions
that
this
arrangement
could
be
revised
as
early
as
9
July
if
the
British
government
is
deemed
non-compliant
with
the
deal’s
provisions.
“The
higher
tariffs
will
ensure
that
imported
steel
and
aluminum
will
not
threaten
to
impair
the
national
security,” Trump
declared.
Since
Trump
initially
imposed
tariffs
on
steel
in
2018,
steel
product
prices
have
risen
by
nearly
16
per
cent,
according
to
government
statistics.
Upon
returning
to
office
in
January,
Trump
reinstated
these
measures,
including
fresh
tariffs
on
aluminium.
In
March,
a
25
per
cent
tariff
was
reintroduced
on
most
imported
steel
and
aluminium.
Although
he
contemplated
a
50
per
cent
tariff
on
Canadian
steel,
he
ultimately
chose
not
to
proceed
with
it.
