Trump to Roll Back some Tariffs on Steel and Aluminium Goods
U.S. President Donald Trump intends to reduce certain tariffs on aluminum and steel products, the Financial Times noted on Friday, according to reports.
Officials in the Commerce Department and the U.S. trade representative’s office think the tariffs are negatively impacting consumers by increasing prices for items such as pie tins and food-and-drink cans.
Voters across the country are anxious about consumer prices, and concerns about the cost of living are anticipated to play a significant role for Americans in the upcoming November midterm elections.
A recent Reuters/Ipsos survey indicated that 30 percent of Americans endorsed Trump’s management of the increasing cost of living, while 59 percent expressed disapproval, with nine out of 10 Democrats and one out of five Republicans opposing.
Last year, Trump imposed tariffs as high as 50 percent on steel and aluminum imports and has consistently utilized tariffs as a bargaining chip with various trading partners.
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The Trump administration is currently assessing a list of products impacted by the tariffs and intends to exclude certain items, stop the growth of the lists, and instead initiate more focused national security investigations into particular goods, according to reports.
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The White House and the Commerce Department did not promptly reply to Reuters inquiries for comment beyond regular business hours.
Trump recently highlighted his economic achievements in Detroit, trying to shift focus back to U.S. manufacturing and his initiatives to combat high consumer prices while the White House aims to demonstrate it is confronting the economic worries affecting U.S. families.
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Last year, the U.S. Commerce Department increased tariffs on steel and aluminum for over 400 products such as wind turbines, mobile cranes, appliances, bulldozers, and various heavy equipment, as well as railcars, motorcycles, marine engines, furniture, and numerous other items.