Trump Announces High Tariffs on Steel, Aluminum
Steel yourself for the backlash. Canada and China are expected to be hard hit by new import charges announced by President Donald Trump today, including a 25 percent tariff on steel and 10 percent on aluminum from next week. The U.S. currently imports steel from 110 countries, and while the president has railed against Chinese trade policies since taking office, China’s not the biggest exporter to the U.S. — it’s the 11th. Stocks in U.S. steel manufacturers rose at the news, but industrial stocks fell, as some anticipated higher prices.