U.S. President Donald Trump is considering reducing tariffs on certain steel and aluminum products. This move comes amid rising inflation, which has weakened consumer purchasing power and eroded presidential support ahead of the November midterm elections. Last summer, the Trump administration imposed tariffs on steel and aluminum, with rates reaching up to 50 percent, extending these duties to related products such as washing machines and ovens. Recent reports indicate that the administration is reviewing the list of products subject to these tariffs and plans to exclude some items while halting further additions. Targeted national security investigations on specific goods are also planned. Officials from the U.S. Department of Commerce and the Office of the U.S. Trade Representative believe these tariffs have harmed consumers by increasing prices on goods like cookware, food, and beverage cans. Easing the tariffs could benefit countries such as the United Kingdom, Mexico, Canada, and European Union members, which play a significant role in importing U.S. steel and aluminum products. The tariffs have had a notable impact on global steel and aluminum trade, and any changes are expected to influence international markets. Implementation of this proposal could alleviate financial burdens on consumers and bring changes to the industrial sector, though its political and economic effects will be closely watched as the elections approach.
Source: binance
