Tariff Pendulum Swings Again.
CNN —
US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, a move cheered by the beleaguered American steel industry but worrisome to sectors that heavily use the metals, from car makers to can manufacturers.
The jump in import taxes is the latest salvo in President Donald Trump’s trade war, part of a broad range of tariffs he’s levied since February. But the steel tariffs are especially significant to him and his political base, a symbol of once-iconic US manufacturing that has since fallen on hard times.
By Chris Isidore, CNN
Trade is the backbone of the international economy. The new administration is determined to put a wrench in the works and upend the international trade order. The law of unintended consequences comes into play and with so many unknowns the markets will inevitably be in for a roller coaster of a ride for the foreseeable future. Industries do not reviver overnight which is something the Administation is hoping for.
