Steel and Aluminum Tariffs refer to trade duties imposed by a government on imported steel and aluminum products. These tariffs are designed to protect domestic manufacturers by increasing the cost of foreign steel and aluminum, making domestically produced materials more competitive. The tariffs can serve to support local jobs in the steel and aluminum industries and aim to reduce reliance on foreign sources of these metals.
The imposition of these tariffs can also lead to tensions in international trade, as exporting countries may retaliate with their own tariffs or trade restrictions. The rationale behind such tariffs often includes national security concerns, economic policy objectives, or the desire to curb unfair trade practices. The specific rates and scope of the tariffs can vary by country and are often influenced by ongoing trade negotiations and international relations.
French President Emmanuel Macron announced Europe's strategy to counter U.S. trade policies, highlighting plans for "reciprocal tariffs" on steel and aluminum. This move responds directly to President Trump’s proposed 25%…