US President Donald Trump
US President Donald Trump on Tuesday announced to increase the customs duty on steel and aluminum products for Canada from 25 percent to 50 percent. Due to this, the trade war between the two neighboring countries seems to be becoming a possibility of deepening. Trump said that this decision to increase the fee will come into effect from Wednesday. He said that the increase in fees is the reaction of the government of Ontario province of Canada to increase the power prices sold to the US.
The US President said in a post on social media platform ‘Truth Social’ that I have directed my Commerce Minister to impose an additional 25 percent fee on all steel and aluminum products coming from Canada to America. He is one of the highest charge countries anywhere in the world.
As soon as Trump’s social media post came, the US stock market saw a immediate decline. After heavy selling in the stock market due to threats to deepen tariffs, there is pressure on Trump to show that they have a valid plan to increase the economy rather than pushing it into recession.
However, Trump has tried to assure the public since becoming President again that more companies will start the process of transferring their factories to the US due to their fee decisions. Trump has been continuously talking about increasing customs duty on imports from China, Canada and Mexico after taking oath of presidential in January. Along with this, he has also announced to impose counter -customs on many countries including India. Due to these announcements, there are fears of slowing the speed of the economy throughout the world including America.
