National Taxpayers Union (NTU) President Pete Sepp on Wednesday responded to new 25% tariff rates on steel and aluminum imports.
“American taxpayers applaud President Donald Trump’s decision to forgo 50% tariffs on imports from Canada. This prudent move could pave the way for next steps toward ending these mutually destructive steel and aluminum tariffs, which could raise the costs of American-made products ranging from automobiles to beer cans,” Sepp said.
New 25% U.S. tariffs on steel and aluminum imports from other countries are still scheduled to take effect today, which will make the financial burden even heavier on U.S. manufacturers, homebuilders, and consumers. Canada, Mexico, Korea, and Brazil account for more than half of U.S. steel imports.
“As NTU has previously warned, every American farmer and business owner who sells in the global marketplace is now under threat of retaliation from other countries in an already unpredictable environment. As in the past, taxpayers could be on the hook for subsidies to make up for their lost opportunities,” Sepp said.
“We strongly support President Trump’s goals of cutting taxes and slashing onerous regulations. We encourage him to apply that strategy to import taxes and international trade regulations that drive up costs for American consumers and businesses. The President can and should apply his demonstrable talents toward negotiating a deal with Canada and other nations that eliminates tariffs. That kind of leadership will usher in the golden age of America we all seek,” Sepp said.