President Trump is set to announce 25% tariffs on steel and aluminum imports, aiming to reshape global trade terms. This move, coupled with planned U.S. taxes matching levels charged by other countries and existing 10% tariffs on China, raises concerns about inflation and its impact on consumers and businesses. While Trump argues that the tariffs will benefit U.S. factories and create a fairer playing field, experts warn of higher prices, retaliatory tariffs, and potential job losses. The U.S. has also reached a temporary agreement to delay tariffs on imports from Mexico and Canada.
All of this carries inflation risks at a moment when voters are already weary of high prices and fearful that price increases will eclipse any income gainsplans to on Monday formally announce 25% tariffs on steel and aluminum imports as part of an aggressive effort to remake the existing terms of world trade that so far has compounded economic uncertainty.
“'Fairness' is in the eye of the beholder, but the more fundamental question is whether the U.S. actually benefits from such new tariffs,” Benn Steil, director of international economics at the Council on Foreign Relations, a New York-based nonpartisan think tank, said in an email. “The costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.
Consumers already appear to be anticipating that inflation will become a bigger problem. On Friday, the preliminary February results from the University of Michigan Survey of Consumers found that year-ahead inflation expectations jumped to 4.3% from 3.3% a month prior. The stock prices of steel companies climbed sharply on Monday as investors assumed the tariffs would increase their profits. Cleveland-Cliffs, which wants to buy Pittsburgh’s U.S. Steel, rose 13% in morning trading. U.S. Steel climbed 4%. Nucor increased almost 6%, and Steel Dynamics rose about 5%.
The U.S. reached an agreement with Mexico and Canada on Monday to delay a 25% tariff on all imports from the countries for one month.
TRUMP TARIFFS STEEL ALUMINUM TRADE WAR INFLATION ECONOMY INTERNATIONAL TRADE
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