After hosting what the White House initially called a “listening” session, President Donald Trump took American investors by surprise Thursday. Trump announced to the group attending the meeting that he will be imposing the long-rumored steel and aluminum tariffs next week.
A Zero Hedge Dot Com article says the president will impose a 25 percent tariff on steel imports and a 10 percent for aluminum.
Trump told a meeting of steel and aluminum executives that he’ll sign the paperwork next week. “You’re going to have protection for the first time in a long time,” he said to the executives. He says steel and aluminum workers haven’t been represented in some time and moves like this will help rebuild the American industries.
Before making the announcement, Trump praised his recent tariffs on solar panels and washing machines, saying they were a good example of how tariffs can lead to investment in different U.S. business sectors.
Metal company stocks rose sharply after the midday announcement. At the same time, the announcement pushed the Canadian dollar sharply lower. While it did bounce back somewhat, the tariffs remind people on both sides of the border about lingering tensions as the countries continue to participate in NAFTA negotiations.
From the National Association of Farm Broadcasting News Service.