WASHINGTON (AP) — President Donald Trump openly challenged U.S.
WASHINGTON — President Donald Trump openly challenged U.S. allies on Wednesday by increasing tariffs on all steel and aluminum imports to 25% as he vowed to take back wealth “stolen” by other countries, drawing quick retaliation from Europe and Canada.
He has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging “reciprocal” rates starting on April 2. Canada sees itself as locked in a trade war under the pretext that its center for fentanyl smuggling and that its natural resources and factories subtract from the U.S. economy instead of supporting it.
Trump told CEOs in the Business Roundtable a day earlier that the tariffs were causing companies to invest in U.S. factories. The 8% drop in the S&P 500 stock index over the past month on fears of deteriorating growth appears unlikely to dissuade him, as Trump argued that higher tariff rates would be more effective at bringing back factories.
Outside forecasts by the Yale University Budget Lab, Tax Policy Center and others suggest that U.S. families would have the costs of the taxes passed onto them in the form of higher prices.
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