WASHINGTON (AP) — President Donald Trump officially increased tariffs on all steel and aluminum imports to 25% on Wednesday, with the promise that the taxes will help create manufacturing jobs in the United States at a time when his fluctuating tariff threats have shaken the stock market and sparked fears of an economic slowdown.
Trump eliminated all the exemptions to the tariffs he ordered in 2018 on metals, in addition to increasing import taxes on aluminum, which were previously at 10%. These measures, under an executive order signed last month, are part of a broader effort to disrupt and transform global trade.
The President of the United States also imposed tariffs separately on Canada, Mexico, and China, and is also planning to tax imports from the European Union, Brazil, and South Korea with “reciprocal” rates starting on April 2nd.
Trump declared to a group of CEOs at the Business Roundtable forum that tariffs were leading companies to invest in factories in the United States. It is unlikely that the 8% drop in the S&P 500 stock index over the last month due to fears of a growth slowdown will deter the president, who has argued that the increase in tariff rates will result in the return of factories.
“The higher it is, the more likely they are to build,” Trump said to the group.
“The greatest victory is if they move to our country and create jobs. That is a bigger victory than the tariffs themselves, but the tariffs will bring a lot of money to this country.”
Trump threatened on Tuesday to impose a 50% tariff on steel and aluminum from Canada, but decided to maintain the 25% rate after the province of Ontario suspended plans to impose a surcharge on electricity sold to Michigan, Minnesota, and New York.
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