America Global Steel Tariff Jerk Kicks In Today
By Yadnom Awu/Asaba
The Executive Order of American President Donald Trump which jerked his unilateral tariff on steel imports into America from virtually across the world, began today.
The tariff regime, pegged at 50 per cent for steel exports from all over the world, was instituted by President Trump to safeguard the American steel sector.
The stiff regime, which was unilaterally imposed by Trump, has only one exemption – the United Kingdom, which has to pay half (25 per cent) of the tariff hike.
The exemption is in recognition of the earlier mutually- beneficial trade deal between American and UK,the first country to reach a deal with America regarding the plethora of tariff regime hikes unilaterally imposed on more than 180 countries by Trump.
Most countries, including its neighbours, Canada and Mexico, as well bloc allies such as the European Union, EU, have strongly condemned the development and urged an urgent effective reversal of the regime.
But Trump would none of it, and, instead, is doubling down on implementation of the policy which experts warn could trigger a needless tariff war, especially as other powerful global economic interests, including China ( the second largest economy in the world) and India ( the single biggest democracy in the world, a nuclear power state and one of the 10 strongest economies in the world) have roundly spoken of their desire to robustly take potent responsorial tariff actions.
The tariff regime is one of the elements of the controversial foreign policy of the Trump administration.
Other elements of the policy include his controversial proposal to relocate Palestinians from Gaza and turn their land into an adorable abode for “peoples of the world”, his threat to take over Canada as the 51st state of America, and the renaming of the Gulf of Mexico as the Gulf of America.
