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Trump announces 25% tariffs on steel and aluminum imports, raising trade war fears


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Published in Politics and Government on Tuesday, February 11th 2025 at 1:00 GMT by MSN   Print publication without navigation

  • "Given the potential impact Trump's sweeping tariffs have on Korean exports, the government must prepare a range of countermeasures," said Kim Soo-dong, head of the Korea Institute for Industrial Economics and Trade.

In a recent announcement, former President Donald Trump has proposed imposing a 25% tariff on steel and aluminum imports, reigniting concerns over potential trade wars. This move, if implemented, could significantly impact global trade dynamics, particularly with major steel and aluminum exporters like China, the European Union, and Canada. Trump's tariff plan aims to protect domestic industries but has historically led to retaliatory measures from trade partners, escalating tensions and potentially increasing costs for American consumers and businesses. Critics argue that such tariffs could disrupt supply chains, increase prices, and dampen economic growth, while supporters believe it will bolster national security by ensuring robust domestic production capabilities. The announcement has stirred a debate on the effectiveness and consequences of protectionist trade policies.

Read the Full MSN Article at:
[ https://www.msn.com/en-xl/politics/government/trump-announces-25-tariffs-on-steel-and-aluminum-imports-raising-trade-war-fears/ar-AA1yNcBt ]

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