Here are five things to know about the proposed tariffs.
1. President Trump’s administration received global pushback against the potential tariffs, which would apply to all countries.
2. The tariffs are “safeguard” taxes, meaning they are intended to halt an unpredicted import surge that could negatively affect an industry. Some critics of President Trump’s plan argue U.S. aluminum and steel industries don’t face a sudden threat.
3. The proposed tariffs concern a wealth of aluminum and steel products, Reuters reports.
4. While the tariffs are aimed at helping U.S. aluminum and steel manufacturers, the tariffs could lower profits for companies using steel and aluminum, and lead to increased consumer prices.
5. On Monday, President Trump tweeted Canada and Mexico could be exempt from the planned tariffs if they sign a new North American Free Trade Agreement deal, among other stipulations, Reuters reports.
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