Trump Signs Changes to Tariffs on Aluminum Imports

U.S. President Donald Trump signed an executive order modifying tariffs on aluminum imports. According to him, the goal of the decision is to increase aluminum production in the country, as domestic production currently cannot fully meet demand.

According to the White House, under the new initiative, the U.S. Department of Commerce will create an incentive program for companies planning to build, expand, or modernize aluminum manufacturing facilities in the country.

Companies with approved projects will import aluminum at reduced tariffs. The tariff rate applicable to them will be half of the rate established under Section 232.

According to Trump, aluminum is a strategically important resource for the U.S. economy and defense industry. He stated that domestic primary aluminum production is insufficient to meet existing demand.

Source: Investing.com