Experts Warn Trump’s Protectionist Measures Could Harm US Growth

Forex News

Last week, US President Donald Trump signed a law on increasing duties on imports into the country of steel and aluminum, which was criticized by experts and leaders of other countries. Import of steel will be subject to a duty of 25%, and on imports of aluminum - 10%. Exceptions are made for Mexico and Canada. Donald Trump said that the US suffered from dishonest rules in the trade and could not properly develop its own production.

This decision of the President of the United States caused severe criticism not only of other countries, but also caused widespread condemnation of the supporters of Trump’s policy. In China said that the trade war between the two countries would lead to disastrous consequences for the world economy as a whole.

A bill on the cancellation of import duties on steel and aluminum imposed by President Donald Trump was submitted in the US Senate, with the formulation that, if implemented, they would damage the US economy. Nevertheless, political analysts believe that it is unlikely that a Congress controlled by the Republican Party will pass a law banning Donald Trump's tariffs on aluminum and steel.

Today, US President Donald Trump has proposed the introduction of duties on the import of products from China. In particular, it is said about the possibility of introducing tariffs for products and services of the technological and telecommunications sectors that cover a market share of about $60 billion. Other sectors of Chinese production may also be included in this list. An official statement on duties is expected in the coming weeks. In addition, the White House is considering the possibility of limiting the number of Chinese visas or tightening control over their issuance.