Trump's Tariff Policy Faces Resistance From US Steelmakers and Global Trade Experts
US Commerce Secretary Howard Lutnick has signaled that the scheduled 25% tariffs on steel and aluminum imports, set to take effect on March 12, will not be reprieved. The levies, ordered by President Donald Trump in February, have been met with resistance from US steelmakers who argue they risk hitting domestic companies that use aluminum and steel. Lutnick attributed the policy to cracking down on countries like Russia and China bypassing existing duties.
- This hardline stance on tariffs may ultimately backfire, as it could alienate key trading partners and accelerate a global trade war that would disproportionately harm US manufacturers.
- How will the ongoing trade tensions, particularly with China, affect the global supply chain for critical materials like semiconductors and renewable energy technologies?