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President Donald Trump signed a Proclamation to increase steel and aluminum tariffs to 50 percent. This went into effect at 12:01 a.m. Wednesday morning, with exemptions for these material imports from the UK.
According to a White House Fact Sheet, “The steel and aluminum tariffs will apply only to the steel and aluminum contents of imported products, whereas the non-steel and non-aluminum contents of imported products will be subject to other applicable tariffs.”
In addition, President Trump tightened steel and aluminum content reporting to crack down on false import declarations. This is expected to reduce the number of foreign nationals smuggling steel into the U.S., and close loopholes and exemptions that harm the U.S. steel and aluminum industries with unfair competition.
Reuters reported that the U.S. budget surplus increased by 23 percent as a result of Trump’s tariffs bringing in $16 billion after the 47th President’s tariffs on China took effect in April.
Early reports from the May surplus indicate that the Trump tariffs generated an estimated $22.3 billion last month, according to Yahoo Finance.
The night before signing this new Proclamation, President Trump reaffirmed his support of tariff revenue as a matter of “Economic Survival.”
He posted to Truth Social, stating, “If other Countries are allowed to use Tariffs against us, and we’re not allowed to counter them, quickly and nimbly, with Tariffs against them, our Country doesn’t have, even a small chance, of Economic survival.”
