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from the so-now-our-cars-and-buildings-will-all-cost-more dept.
US steel and aluminium imports face big tariffs, Trump says
President Donald Trump has said he will sign off on steep tariffs on steel and aluminium imports next week, hitting producers like Canada and China.
Flanked by US metals executives at the White House, he said a 25% tariff would be slapped on steel products, and a 10% tariff would be imposed on aluminium.
Mr Trump tweeted that the US was suffering from "unfair trade".
The US imports four times more steel than it exports, and is reliant on steel from more than 100 nations.
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(Score: 3, Interesting) by dw861 on Saturday March 03 2018, @03:20AM
To put a tariff on Canadian steel and aluminium is insane. Yes, Canada is the number one supplier of both aluminium and steel to the US.
Canada also buys a fantastic amount of American-produced steel, resulting in a $2 Billion surplus in steel trade for the USA.
Some of that "Canadian" aluminium is produced in Canada by the American company Alcoa.
There used to be a common North American market in these commodities, and a shared auto sector. Perhaps this is the beginning of the end for NAFTA after all.
http://business.financialpost.com/news/economy/canada-to-fire-back-if-hit-with-u-s-steel-and-aluminum-tariffs [financialpost.com]