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]
Smoot–Hawley Tariff Act The 1932 Democratic campaign platform pledged to lower tariffs. After winning the election, President Franklin Delano Roosevelt and the now-Democratic Congress passed Reciprocal Trade Agreements Act of 1934. This act allowed the President to negotiate tariff reductions on a bilateral basis, and also treated such a tariff agreement as regular legislation, requiring a majority, rather than as a treaty requiring a two-thirds vote. This was one of the core components of the trade negotiating framework that developed after World War II. The tit-for-tat responses of other countries were understood to have contributed to a sharp reduction of trade in the 1930s. After World War II this understanding supported a push towards multi-lateral trading agreements that would prevent similar situations in the future. While the Bretton Woods Agreement of 1944 focused on foreign exchange and did not directly address tariffs, those involved wanted a similar framework for international trade. President Harry S. Truman launched this process in December 1945 with negotiations for the creation of a proposed International Trade Organization (ITO). As it happened, separate negotiations on the General Agreement on Tariffs and Trade (GATT) moved more quickly, with an agreement signed in October 1947; in the end, the US never signed the ITO agreement. Adding a multilateral "most-favored-nation" component to that of reciprocity, the GATT served as a framework for the gradual reduction of tariffs over the subsequent half century.[30]