U.S Tariffs on Steel and Aluminum: Implications (Essay Sample)
According to the article, “U.S. weighs tariffs, quotas on metals imports”, the Trump administration is considering sweeping new limits on imports of steel and aluminum. What is the Trump administration's rationale for imposing tariffs on imported aluminum and steel? Should the U.S. impose tariffs on aluminum and steel? Who will be potential winners and losers from the tariffs? Briefly discuss.
Source: Jacob M. Schlesinger and William Mauldin: “U.S. weighs tariffs, quotas on metals imports", the Wall Street Journal, Feb. 17, 2018, New York, NY (eastern edit).
U.S Tariffs on Steel and Aluminum: Implications
What Is Trump's Administration's Rationale for Imposing Tariffs on Imported Aluminum and Steel?
The rationale behind Trump's focus on imposing tariffs on imported aluminum and steel comes amid the degrading of the American industrial base. Steel and aluminum firms in the United States have long complained of unfair trade practices by foreign competitors, in particular, Chinese subsidies, which stimulate the production (Schlesinger and Mauldin n.p). Consequently, the global markets become flooded with metals, leading to falling in prices, and a U.S. economy with insufficient production. Following increased flooding of cheap metals into the country, mainly from China, the U.S. seeks to avert the situation to protect national security. With tariffs on aluminum and steel, the state stands to gain from fair trade practices and policies (Irwin np). According to the president, the United States should not allow organizations and workers to be taken advantage of. Given a 25% tariff on imported steel and a 10% tariff on imported aluminum, trade practices from other nations
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