Ross said the tariffs would be 25 percent on steel and 10 percent on aluminum, and go into effect Friday.
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The administration of U.S. President Donald Trump announced Thursday it will impose tariffs on steel and aluminum imports from Europe, Mexico and Canada after failing to win concessions from the American allies.Secretary Wilbur Ross said the tariffs would be 25 percent on steel and 10 percent on aluminum, and go into effect Friday, as the administration followed through on the penalties after earlier granting exemptions to buy time for negotiations. Trump had announced the tariffs in March, citing national security concerns.The tariffs directed at some of the U.S.'s most ardent allies represented the latest move in Trump's "America First" agenda that has roiled financial markets and raised the specter of a trade war involving the U.S., China and some of the globe's most dominant economies.European officials had been ready for the tariffs and the EU has threatened to retaliate against U.S. orange juice, peanut butter and other goods in return.Tariffs on steel and aluminum imports to the U.S. can help local producers of the metals by making foreign products more expensive.Besides the U.S. steel and aluminum tariffs, the U.S. is also investigating possible limits on foreign cars in the name of national security.
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