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Trump Tariffs Essay

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On Thursday President Trump announced that he will impose a 25 percent tax on all steel imports, and a 10 percent tax on all aluminum imports. This announcement has caused his own political party to be alarmed, who want to stop creating trade barriers. These tariffs could also lead to a trade war which could ultimately bring down both of the countries economy. President Trump is currently under fire from his own Republican party that is wanting to stop him from passing his steel tariffs. The congressional Republicans are visiting the White House and are campaigning to get Trump to change his mind for the better of the future. One person who is making it clear that he opposes these tariffs is House speaker Paul Ryan, who is also a Republican, has said that he does not want to ruin the current economy after the boost from the latest tax reform. Ryan’s team has also said that the current stock markets …show more content…

Bush. President George when he imposed a tariff that went up to 30% on steel imports, which is almost exactly what President Trump would like to do. These tariffs were also disliked by his own party, but were still supposed to last till 2005. Some critics said that the taxes would harm the U.S consumers and businesses that relied on steel imports , and would lower the amount of jobs than it would be able to save or create in the steel industry. Almost immediately the European Union imposed a retaliatory tax on the U.S, which could possibly start a trade war which has the possibility to bring down both economies a lot! This tax also caused over 30 steel companies to go bankrupt, and also lead to the stocks to go down a lot! President Bush would later lift the tariffs on December 4, 2003 , which is almost a year later! President Trump is planning to do almost the exact same thing as he did, but he believes it will help the U.S economy instead of ruining the economy like President Bush did with his

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