WASHINGTON DC – National Foreign Trade Council (NFTC) Vice President for Global Trade Policy Tiffany Smith today issues a statement following the President’s announcement of new tariffs on steel and aluminum imports:
“NFTC supports the Administration’s comprehensive review of America’s trade policies, including the tariffs on steel and aluminum under Section 232 imposed during President Trump’s first term. However, today’s announcement of new blanket 25% tariffs on imports of steel and aluminum, before those reviews are completed, circumvents that process and throws a curve ball at U.S. manufacturers, leaving them with little time to adjust.
“This action will dramatically harm our competitiveness and increase the costs paid by American manufacturers that rely on steel and aluminum as inputs. Adding new tariffs on basic industries and eliminating mitigating options like country and product exclusions for items not currently available in the United States, which companies have relied on since President Trump’s first term, is especially disruptive at a time when the Administration is looking to boost American manufacturing.
“To give an idea of what these tariffs may mean, recent Tax Foundation data shows that U.S. importers have paid nearly $17.5 billion in existing steel and aluminum tariffs since the tariffs were put in place in 2018.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.
