Trump's Tariffs Can't Offset Tax Cuts, Economists Say
February 11, 2025
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1:11Now PlayingTrump's Tariffs Can't Offset Tax Cuts, Economists Say
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as posted by the channel"Tariffs would be one of the worst ways to try to offset the cost of tax cuts," says Tax Foundation's Erica York about potential tariff impact on the pending House budget reconciliation bill.
President Donald Trump ordered a 25% tariff on steel and aluminum imports, escalating his efforts to protect politically important US industries with levies hitting some of the country’s closest allies.
The tariffs will apply widely to all US imports of steel and aluminum, including from Canada and Mexico, the country’s top two foreign suppliers of the metals. The levies, which also include finished metal products, are meant to crack down on what administration officials said were efforts by countries like Russia and China to circumvent existing duties.
Trump cast the effort as one which would help bolster domestic production and bring more jobs to the US, and warned that the rate on metal tariffs “may go higher.” The new rates will go into effect on March 4, a US official said.
“Essentially, we’re putting on a 25% tariff, without exception, on all aluminum and all steel, and it’s going to mean a lot of businesses are going to be opening in the United States,” Trump said Monday as he signed the measures in the Oval Office.
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