In a meeting with steel and aluminum workers today, Donald Trump signed two proclamations to implement a 25 percent tariff on steel and a 10 percent tariff on aluminum, with Canada and Mexico temporarily exempted.
The tariffs will take effect in 15 days, and exemptions for Canada and Mexico will reportedly depend on whether the two countries concede to demands in the ongoing NAFTA renegotiations. Determining exemptions for other counties will depend on whether they can convince Trump that there is a “satisfactory alternative means” for resolving trade inequities.
“I’ll have a right to go up or down depending on the country and I’ll have a right to drop out countries or add countries,” Mr Trump said. “I just want fairness, because we have not been treated fairly by other countries.”
However, if Canada and Mexico are excluded permanently from the tariffs, it may necessitate a bump in the tariffs percentages, according to a White House official speaking anonymously to ABC News.
“If Canada and Mexico were to be excluded we would perhaps maybe have to raise the tariffs on everybody else—and modestly I might add—to ensure that our steel and aluminum industries are protected,” the official said.
While many US steel producers and producer-affiliated associations immediately applauded the tariffs, many Republican lawmakers and economists are still against them. According to a report from independent analyst firm The Trade Partnership, the tariffs could create up to 33,000 new jobs in the steel and aluminum sectors, but ultimately result in a net loss of 146,000 jobs across the country.