Author: Hanna Duggal, Marium Ali
Published on: 11/02/2025 | 00:00:00
AI Summary:
Canada, Brazil and Mexico are the top three suppliers of steel to the United States. Between March 2024 and January 2025, they provided about half (49 percent) of steel imports for domestic consumption according to the International Trade Administration. South Korea, Vietnam, Japan, Germany, Taiwan, the Netherlands and China made up the top five steel suppliers to the US. The US is more dependent on imports for aluminium, with roughly half of all aluminium used in the country being imported. A tariff is a government-imposed tax on imported goods and services, paid by businesses bringing them into the country. In March 2018, Trump imposed 25 percent tariffs on steel and 10 percent on aluminium. The idea behind the levies was to reduce reliance on foreign steel. China dominates the global steel market and is the world’s largest producer. As result, cheaper Chinese steel exports have inundated global markets. China is likely to be affected due to the processing of Chinese steel and aluminium in other countries.
Original: 697 words
Summary: 166 words
Percent reduction: 76.18%