Just months after Democrats and free-trade activists accused President Trump of sparking a devastating “trade war” with China and other nations, new data shows the Commander-in-Chief’s tough tariffs have generated over $4.4 billion for the United States.
According to the Washington Examiner, the Trump administration’s tariffs on foreign-goods have generated huge tax hauls for the Treasury; raking in billions through October 2nd.
“A spokesman for the Department of Homeland Security told the Washington Examiner that importers owe the federal government $4.4 billion for importing goods hit by the tariffs through Oct. 2, but said it was unclear how much of that total has been collected. The Treasury Department didn’t have details on what portion of the $4.4 billion had been collected, and how much was still owed,” writes the Examiner.
“According to DHS, U.S. Customs and Border Protection had assessed $2.34 billion in duties on steel imports and $615 million on aluminum,” adds the article.
Read the full report here.
AMERICA FIRST: Trump Announces STEEL IMPORT TARIFFS
President Trump unveiled stiff import tariffs on steel and aluminum Thursday, making good on his campaign promise to rebuild American industry in the face of cheap and unregulated foreign goods.
The President announced the new trade guidelines during a meeting with industry experts, many of whom told the President it was nearly impossible to compete with underpriced metals flowing into the country from Asia.
“What’s been allowed to go on for decades is disgraceful,” Trump told industry leaders. “And when it comes to a time when our country can’t make aluminum and steel, and somebody said it before and I will tell you, you almost don’t have much of a country. Because without steel and aluminum, your country is not the same. We need it. We need it even for defense.”
“We need great steel makers. Great aluminum makers for defense. So, we will probably see you some time next week. We will be signing it in. You have protection for the first time in a long while and you are going to regrow your industries. That’s all I’m asking. You have to regrow your industries,” added the President.
Watch the President’s comments above.
AMERICA FIRST: Trump SLAMS EU, Canada, Mexico with STEEL Tariffs
President Trump announced Thursday his plans to levy hefty tariffs on steel and aluminum on key US allies, including the European Union, Canada, and Mexico; making good on a signature campaign promise to help shield American-made products from foreign goods.
Despite the initial plan to exempt North American nations from the tariffs, the administration unveiled the new guidelines after failing to win specific trade deals with both Canada and Mexico.
Commerce Secretary Wilbur Ross said the new taxes will be a 25% surcharge on steel and 10% on aluminum; adding the tariffs could be removed in future talks while renegotiating the North American Free Trade Agreement, or NAFTA.
“The European Union has already notified the World Trade Organization of plans to levy duties on $7.1 billion worth of U.S. exports in response, with the aim of collecting $1.6 billion in tariff revenue,” writes Politico.
“We continue to be quite willing and indeed eager to have further discussions,” Ross added.