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US to impose steel, aluminum tariffs


US to impose steel, aluminum tariffs

New Delhi, Mar 02 (ANI): U.S. President Donald Trump said the United States will impose tariffs on steel and aluminum imports from next week.

For steel, it's a 25 percent tax. For aluminum, ten percent.

Trump said the tariffs will protect U.S. industry.

But critics said they will only raise costs without adding jobs. Steel stocks rose on the news.

But industrials, including Boeing and Caterpillar, took a beating on fears that tariffs could hit profits. The sector took the rest of Wall Street along for the ride.

The tariffs will likely increase tensions with China. The country already indicated it could retaliate by targeting U.S.

agricultural imports, such as soybeans.

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