The Department of Commerce released its recommendations to President Donald Trump on Friday for new restrictions on steel imports. The report presents Trump with three options, including a 24% tariff on all steel imports. Economists and lawmakers are worried that new tariffs on steel could trigger retaliation from other countries and possibly hurt the US economy. Trump has until April 11 to make a decision on the new rules. The Department of Commerce announced Friday that it recommended that President Donald Trump slap new tariffs on steel imports as part of its investigation into the trade of the material. The recommendations were triggered by a complaint under Section 232 of the Trade Expansion Act of 1962, which allows the president to impose restrictions on trade if certain import practices are determined a threat to national security.The Commerce Department launched investigations into steel and aluminum imports in 2017 and presented their findings to Trump in January. The recommended actions in the report were:A global tariff, or tax on imports, on steel from all countries of 24%.A tariff of at least 53% on 12 countries’ imports, Brazil, China, Costa Rica, Egypt, India, Malaysia, Republic of Korea, Russia, South Africa, Thailand, Turkey and… Read full this story
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