Trump also reaffirmed that he would announce “reciprocal tariffs” — “probably Tuesday or Wednesday” — meaning that the U.S. would impose import duties on products in cases where another country has levied duties on U.S. goods.

Summary

Donald Trump announced that the U.S. will impose 25% tariffs on all steel and aluminum imports starting Monday, including from Canada and Mexico.

He also plans “reciprocal tariffs” on goods from countries imposing duties on U.S. products.

Markets reacted negatively, with stocks dropping over tariff concerns.

Trump previously paused tariffs on Canada and Mexico but imposed 10% duties on China.

  • gandalf_der_12te@discuss.tchncs.de
    13·
    1 day ago

    I’m torn about this. On the one side, i support (a low level of) import tariffs in general, but on the other hand, the only reasonable exception i see to this is in minerals, because they are non-uniformously geographically distributed, and sometimes can only be sourced from abroad.

    Then again, steel and aluminum are made from minerals which are so incredibly wide-spread, that it probably makes no difference to implement tariffs on them, because they can be sourced from every country, including your own.

    • Evotech@lemmy.world
      5·
      22 hours ago

      Protectionism tends to sound good in theory. But in the end it doesn’t turn out that way

      • gandalf_der_12te@discuss.tchncs.de
        22·
        23 hours ago

        I would be a bit more careful about only listening to previous empirical data. Not everything can be extrapolated from the past.

        There is the story of the cock:

        A rooster wakes up every morning and crows, for a 1000 days in a row. The rooster observes this and, as a consequence, believes himself to be invincible. “Until now, i have always waken up the next day in the morning.”

        But the rooster, is not invincible, neither is he immortal. In fact, quite the opposite.

        Also, this XKCD: