Trump cast the effort as one which would help bolster domestic production and bring more jobs to the US, and warned that the rate on metal tariffs “may go higher.” The new rates will go into effect on March 4, a US official said.
“Essentially, we’re putting on a 25% tariff, without exception, on all aluminum and all steel, and it’s going to mean a lot of businesses are going to be opening in the United States,” Trump said Monday as he signed the measures in the Oval Office.
While the measures unveiled Monday did not include exemptions for trading partners — and US officials said they were wary of granting any leeway — Trump indicated that he may consider a break for Australia, crediting the country’s import of US-made aircraft.
After-hours movement was muted in shares of the major American steel and aluminum producers. Alcoa Corp., the largest American aluminum producer, gained about 1%, while…
