It doesn't stop...
Donald Trump has announced that he will increase import tariffs on steel and aluminum from 25% to 50%. This measure will come into force on June 4, 2025 and will also affect imports from Germany and the EU.
🔍 Background:
- Trump justified the tariff increase with the protection of national security and the strengthening of the US steel industry.
- In a speech at US Steel in Pennsylvania, he emphasized that tariffs are his "absolute favorite word".
- The measure affects imports from countries such as Canada, Brazil, Mexico, South Korea and Germany.
📈 Effects:
- Importing steel products into the US is likely to become more difficult with the doubling of tariffs.
- Prices for steel in the USA could rise in the medium term, which could have an impact on the construction and automotive sectors.
- Germany, the leading steel producer within the EU, exported around one million tons of steel to the US in 2023.
🌍 International reactions:
- Canada's Chamber of Commerce criticized the tariff increase as costly for both countries.
- Australia described the move as "unjustified and not the act of a friend".
Proposal for his tombstone:
🪦 Here rests Donald J. Trump
"Tariffs were my favorite word - now I'm paying the last tax." 💸🇺🇸
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