As a result of strengthening the policy with duties in the United States, less cheap iron from China is coming, but first of all the roles are directed against Canada, Brazil and Mexico.
The United States doubles the duties in imported steel – up to 50%. On Friday, May 30, the country’s President Donald Trump said at an event in Pittsburgh, Pennsylvania, CNN reports.
“We are going to increase steel duties in the United States of America by 25%, from 25%to 50%,” the Republican said.
Trump added that he considers the possibility of introducing a 10%tariff, but industry managers say they want to introduce a 50%tariff.
“For 25%, they can move to this fence. For 50%, no one will cross this fence,” the US president added.
However, when a new fee begins to work, it is still unknown.
It is known that American imports are about 1% of the world volumes. In 2024, the manufacture of iron in the United States reached 79.5 million tons, and consumption was predicted at a level of 89.2 million tons. The forecast for 2025 – 91 million tons. The main suppliers are the country – Canada, Brazil, Mexico, South Korea.
Importing duty, as a rule, has been introduced to protect their own manufacturers from cheap imports -they are not paid by exports from other countries, but by importing their home country.
The US Federal Court of Appeal on Thursday, May 29, temporarily allowed the Trump administration to perform duties.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.