US President: Imports Tariffs Won't Cause Negative Impact

Forex News

The US will impose tariffs on steel and aluminum imports from allies such as Canada, Mexico and the European Union. Trump’s administration acknowledges that these measures will lead to higher prices and the effect will be tiny. But combined with additional tariffs on Chinese imports and retaliatory steps taken by US allies, economists agree these levies will have a negative impact.

Donald Trump concedes his trade policies will cause "a little pain." But he insists that 25% steel and 10% aluminum tariffs will benefit the country by boosting the domestic manufacturing of building-block products crucial to economic vitality and national security.