Isaac Larian, CEO of MGA Entertainment, says Donald Trump is a great President, while the Claiman convey some concerns over the tariff on the countdown.
chairman Donald Trump It is expected to sign new executive orders imposing high tariffs on steel and aluminum imports in the US on Monday, opening a new front in its business war, which can increase vengeance.
Trump’s functions will put new 25% tariffs on all steel and aluminum imports in the US on the top of the existing tariffs on those metals that increase their efforts to reopen the trade policy.
Tariff, which Tax on importsIncrease costs for importers that usually pass all the costs on their customers. In the case of steel and aluminum, American companies greatly rely on imports and can damage high cost manufacturers and in turn, consumers.
Erica York, vice-president of the Federal Tax Policy at the Tax Foundation, said, “The US economy has far more steel-users than steel-producers, which means that will put more manufacturing jobs than making tariffs.” “Given steel, jobs that use steel in the production process, which steel produces 80 to 1. steel.”
Trump’s tariffs on Mexico and Canada will increase prices for consumers; Expert details provide
President Trump indicated that he would sign an order to increase steel and aluminum tariffs by 25%. (Andrew Harnik / Getty Images)
He said, “Vehicle manufacturers, agricultural appliances, home appliances and machinery used in oil extraction, manufacturing industry, and drinks and cutlery industries use all metals as part of their production process.”
“When we Apply tariffWe increase the cost of both imported metals and domesticly produced metals, which increases the cost of production in the United States for all these downstream industries. We should expect a net reduction in the manufacture of employment and production as a direct result of high tariffs, “York said.
What are tariffs, how do they work and who pays for them?
American companies rely too much on imports and can hurt high cost manufacturers and, in turn, consumers. (Through Right / Bloomberg / Getty Image)
Ryan Young, senior economist at the competitive Enterprise Institute, told Fox Business that cars and housing are likely to have two most difficult-tricks, which they account for the use of about two-thirds of steel.
“If you are in the market for a new car or a new house, expected to pay a few hundred dollars more for an average size car, and for a house several thousand dollars more,” Young said, It is said at that high prices. The use of new cars will be the reason for the increase in car prices as the price of buyers is looking for cheap options.
He said that aluminum tariffs will also increase car and house prices, as well as companies in beverages like Coca-Cola, Pepsi and Bruis. Other everyday items made with aluminum are likely to see an increase in prices, including bicycles, equipment, and furniture.
What is happening with Trump’s tariff on China, Canada and Mexico?
American manufacturers may face high costs due to increased tariffs on steel and aluminum. (Through Andrew Magnum / Bloomberg / Getty Image)
About one-fourth Steel used in America Imported, most of them are coming from neighboring Mexico and Canada, or from close colleagues in Asia and Europe, such as Japan, South Korea and Germany.
Although China is the world’s largest steel producer and exporter, very little is sent to the US due to 25% tariffs imposed in 2018. Chinese steel Outside the market. The country exported 508,000 net tonnes of steel to the US last year, with 1.8% of US steel imports.
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The US is more dependent on aluminum imports, with about half of all aluminum coming from imports. Most of American aluminum imports comes from Canada, which exported 3.2 million tonnes of aluminum to the US last year – more than double the amount in the next nine countries.
Reuters contributed to this report.
