Moments ago, President Trump kept a campaign promise to put American steel and aluminum first by imposing tariffs on foreign imports.
As reported by FoxNews
President Trump signed an order Thursday that imposes tariffs on steel and aluminum imports from all foreign countries, while carving out an exception for Canada and Mexico for now while North American Free Trade Agreement (NAFTA) negotiations are under way.
The president, joined by steel and aluminum workers, signed a companion proclamation — one on steel and one on aluminum – instituting a tariff of 25 percent on steel and 10 percent on aluminum imports. The tariffs will become effective in 15 days, with exclusions for Mexico and Canada taking effect “immediately,” officials said.
“You are truly the backbone of America, you know that. Very special people,” Trump told the workers. “We have to protect our steel and alumnium industries while at the same time, showing great flexibility with people who are really friends of ours.”
Vice President Pence, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer stood behind the president during his remarks in the Roosevelt Room at the White House.
“This is not merely an economic disaster, but it’s a security disaster,” Trump said. “Today, I’m defending America’s national security.”
The U.S. is the world’s largest importer of steel, importing nearly four times as much as it exports, according to the White House. The U.S. imported five times as much primary aluminum as it produced in 2016.
“It’s a process called dumping. And they dumped more than any time, on any nation, anywhere in the world, and it drove our plants out and our businesses out,” Trump said.