Trump Plans to Ease Tariffs on Some Steel and Aluminium Goods

 Chennai: Worried about public disapproval over rising consumer prices, US President Donald Trump plans to scale back some tariffs on steel and aluminium goods, which are subject to sectoral duties of 50 per cent, according to a Financial Times report.

According to the report, the US Commerce Department and U.S. trade representative’s office have realised that the tariffs are hurting consumers by raising prices for goods including pie tins and food-and-drink cans.

The Trump administration is now reviewing a list of products affected by the levies and plans to exempt some items, halt the expansion of the lists and instead launch more targeted national security probes into specific goods, the FT report added.

The sectoral tariffs of 50 per cent on iron and steel as well as their derivatives came into force in May last year. The sectoral tariffs are imposed on goods from all countries alike. More than 400 products including wind turbines, mobile cranes, appliances, bulldozers and other heavy equipment, along with railcars, motorcycles, marine engines, and furniture were subjected to the tariffs.

The Trump administration seems to be worried about the disapproval of voters for raising consumer prices and in turn cost-of-living with the tariffs. The country is heading for mid-term elections in November.

A recent Reuters/Ipsos poll showed that 30 per cent Americans approved of Trump’s handling of the rising cost of living, while 59 per cent disapproved, including nine in 10 Democrats and one in five Republicans. END