According to US Commerce Secretary Wilbur Ross, high tariffs on imports to the US is not the endgame US President Donald Trump has in mind.
“Ross said that the point of strict tariffs – including the Section 232 tariffs on steel and aluminum imports into the US as well as growing tariffs and counter-tariffs between the US and China – is to force rival countries into cooperation with US goals,” reported the AMM.
“The real purpose, at the end of the day, is not to build up tariff laws, but to get them to modify behavior,” Ross added.
Countries, including the EU and Canada, have taken advantage of the American system. Which was designed to spread wealth worldwide. Ross suggests the tariffs are needed to make world trade more fair to the US. Because of a strong US economy, this is a good time to impose tariffs.
Section 232 tariffs on aluminum and steel imports were signed by President Trump in early March. Where he set a 10% tariff for aluminum imports and 25% for steel imports.
AMM stated, “Ross’ comments came against the backdrop of Century Aluminum’s ceremonial restart of the first of three previously curtailed potlines at the Hawesville smelter. Century president and chief executive officer (CEO) Michael Bless announced earlier this year that the restarted potline would be online this summer.”
“Today’s restart will allow us to return to 100 percent capacity in the months ahead while upgrading our smelting technology to ensure we remain competitive long into the future,” Bless stated.
In addition to the Hawesville plant, Magnitude 7 Metals is one of two Aluminum plants in the US to restart production, since the Section 232 tariffs were implemented.
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