Trump says U.S. to impose steel, aluminum tariffs next week

Our top story this afternoon.. U.S. President Donald Trump says he will sign
off on steep tariffs on steel and aluminum imports next week, hitting producers like
South Korea and China. The Dow Jones industrial average slumped after
the announcement amid fears of a trade war. Park Jong-hong reports. President Trump has made it clear that steel
and aluminum exports to the U.S. will be subject to tariffs of 25 and 10 percent, respectively. Trump is slated to sign an executive order
next week making it official. The plan was unveiled after a White House
meeting with industry executives on Thursday. President Trump added the move is aimed at
propping up the U.S. industry and creating jobs for American workers. “It’ll be 25 percent for steel. It’ll be 10 percent for aluminum. And it’ll be for a long period of time. … We’ll be signing it in and you will have
protection for the first time in a long while. And you’ve got to re-grow your industries.” He also said U.S. companies had been ‘decimated’
and had been treated unfairly by other countries for decades. Analysts say it’s unclear whether the rates
of 25 percent for steel and 10 percent for aluminum will be instituted across the board
or have some exceptions. Trade sources in Washington think the rates
would not apply to Canada which hires a number of American workers. In any case, if the rate turns out to be final,
South Korea will be letting out a sigh of relief as the U.S. Commerce Department had
initially suggested dropping a tariff bomb of more than 53 percent on 12 countries, including
Korea. Following Canada and Brazil, South Korea is
the third largest exporter of steel to the U.S. with last year’s export volume estimated
at three-point-six-five million tons. Critics say Trump’s measures will fail to
boost jobs and even risk stoking a trade war with China. Beijing has already threatened to curb U.S.
imports of soybeans and the European Union says it will consider taking action as well. Park Jong-hong, Arirang News.

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