In March, the administration imposed a 25% tariff on all aluminum and steel imports. Canada is the largest supplier of both to the US. Such tariffs could backfire on the industries they’re designed to protect, though.
For instance, William Oplinger, CEO of Alcoa, one of the largest US aluminum makers, warned in February that the aluminum tariffs could cost 100,000 American jobs, including 20,000 from his industry.
More recently, Trump announced a 25% tariff on finished cars will take effect on April 3, and a 25% tariff on car parts will take effect no later than May 3. Even if more auto manufacturing shifts to the US, Americans are set to pay higher prices due either to the higher cost of domestic production or increased costs of importing cars.
Trump’s trade policies have been driven by a handful of goals that differ from the justification offered by prior administrations.
Trump has tied tariffs on America’s three largest trading partners, Mexico, China and Canada, to claims that the three nations aren’t doing enough to help curb illegal migration and fentanyl from coming into the US, for example.
Past administrations have predominantly used tariffs as a means of protecting national security interests and supporting domestic industries.
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