Trump to sign steep tariffs on steel, aluminum; only Canada, Mexico exempted
Trump to sign steep tariffs on steel, aluminum; only Canada, Mexico exempted

President Donald Trump signed an order Thursday that imposes tariffs on steel and aluminum imports from all foreign countries while carving out an exception for Canada and Mexico for now while North American Free Trade Agreement (NAFTA) negotiations are underway.

The president, joined by steel and aluminum workers, signed a companion proclamation — one on steel and one on aluminum – that will institute a tariff of 25 percent on steel and 10 percent on aluminum imports. The tariffs will become effective in 15 days, with exclusions for Mexico and Canada taking effect “immediately,” officials said.

“We have to protect and build our steel and aluminum industries, while at the same time showing great flexibility and cooperation toward those that are really friends of ours both on a trade basis and a military basis.”

President Donald Trump says his decision to impose tariffs on steel and aluminum imports fulfills a key campaign promise.

Trump says American steel and aluminum workers have been betrayed, but “that betrayal is now over.”

He says politicians have for years lamented the decline in the industries, but nobody has taken action.

Trump’s audience includes a number of steelworkers along with administration officials.

Trump says the steelworkers are part of the reason he won the presidency.

Here are some highlighted quotes from his speech:

“Today I’m defending America’s national security by placing tariffs on foreign imports of steel and aluminum. We will have a 25% tariff on foreign steel and a 10% tariff on foreign aluminum when the product comes across our borders.”

“There’s no tax if the product is made in the USA. You don’t want to pay tax? Bring your plant to the USA.”

“The American steel and aluminum industry has been ravaged by aggressive foreign trade practices. It’s really an assault on our country.”

“The actions that were taken today were not a matter of choice, they’re a matter of necessity for our security.”

“The workers who poured their souls into building this great nation were betrayed. But that betrayal is now over.”

“American companies have not been treated fairly, and some American companies frankly have taken advantage of it and gone to other countries.”

Full Video:

President Donald Trump issued a tweet on Tuesday stating that China was asked to develop a yearly plan for the One Billion Dollar reduction in their trade deficit with the United States.

Trump was strongly received during his visit to China earlier this year and notes this by saying that U.S. relations with China are very good and that he looked forward to seeing what ideas they came up with.

However, Trump urged that the United States must “act soon” to increase tariffs.

A shocking reply to Trump came from billionaire SpaceX and Tesla CEO Elon Musk, who asked the President whether or not the United States and China should have equal rules relating to cars, specifically on import duties, ownership constraints, etc.

Musk gave an example of this noting that a car produced in the United States and imported into China pays a 25 percent import tax but that China only pays a 2.5 percent import tax when sending their cars to the U.S.

Musk further noted that U.S. companies are prohibited from owning a majority share of their Chinese production factories but that there are many Chinese owned automotive factories in the United States.

It’s not hard to figure out why Musk may be interested in tariffs relating to importing cars given that he’s the CEO of electric car manufacturer Tesla. What is surprising, however, is that Musk is openly speaking with President Trump via social media.

Musk famously quit President Trump’s business advisory council after the President announced that the United States would be leaving the Paris climate agreement. Musk made a simple statement via Twitter at the time:

But it seems now that cooperating with President Trump may benefit Musks bottom line, he’s all for an open conversation. Whether the President will acknowledge Musk reaching out has yet to be seen.

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