WASHINGTON: US President Donald Trump on Friday signed a proclamation increasing tariffs on derivative steel products by an additional 25 per cent and boosting duties on derivative aluminium products by an additional 10 per cent.
Trump said Argentina, Australia, Brazil, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products, and Argentina, Australia, Canada and Mexico are exempt from the added duties on derivative aluminium articles. Trump has imposed tariffs on imported steel and aluminium to help boost US production. Since the imposition of tariffs, Trump said, imports of steel and aluminium have declined but imports of derivative products, like steel nails and aluminium cables, have increased.
Trump said “foreign producers of these derivative articles have increased shipments of such articles to the United States to circumvent the duties on aluminium articles and steel articles.” He said the increased tariffs would be effective on February 8. — Reuters
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