when do the steel and aluminum tariffs go into effect
Trump tariffs Beginning on June 1, 2018, the Trump administration imposed a 25% tariff on imports of steel, and a 10% tariff on aluminum, on the European Union, Canada, and Mexico.[3] The tariffs angered U.S. allies, who planned retaliatory tariffs on U.S. goods, and heightened chances of a trade war.[4][5] China said that it will retaliate for the tariffs imposed on $50 billion of Chinese goods that come into effect on July 6.[6] India is also planning to hit back to recoup trade penalties of $241 million on $1.2 billion worth of Indian steel and aluminium.[7] Other countries, such as Australia, are concerned of the consequences of a trade war.[6]
Tax Cuts and Jobs Act of 2017 The individual and pass-through tax cuts fade over time and become net tax increases starting in 2027 while the corporate tax cuts are permanent. This enabled the Senate to pass the bill with only 51 votes, without the need to defeat a filibuster, under the budget reconciliation process.[8] The House passed the penultimate version of the bill on December 19, 2017, though for Senate procedural reasons small changes were needed and a revote was held in the House.[9] The Senate passed the final version on December 20 in a 51â€“48 vote and that final version was passed by the House of Representatives on that same day. The bill was signed into law by President Donald Trump on December 22, 2017. Most of the changes introduced by the bill went into effect on January 1, 2018 and will not affect 2017 taxes.[10]