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The Trump Tariffs

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Running Head: THE TRUMP TARIFFS 1 The Trump Tariffs Name Institutional affiliation Date submitted THE TRUMP TARIFFS 2 The Debate on the Trump Tariffs Tariffs Tariffs are taxes levied on products made overseas. They are used for a reason or two. The first one is to make money while the second one is to give local industry protection from competition. Theoretically; imposing tariffs on imports implies that people are likely to resort to buying homemade products instead of imported products which become expensive upon taxing. President Donald Trump of the United States of America declared that tariffs are one of the simple ways of restoring American Industry to its previous glory. He further imposed 25% tariff on imported steel while aluminum tariffs are 10%. Currently, the only countries he exempted from paying the tariffs are Mexico and Canada. However, he has given room to other countries to get tariffs exceptions as well. According to Julia Horowitz (2018), Trump said that America is open to negotiation with each individual nation on removing or modifying the tariffs terms as long as the nation can give assurance that its products will not be a security threat to the U.S. A. Trump’s reason for imposing the tariffs is protecting domestic industry by supporting the American local aluminum and steel manufacturers. He hopes that when aluminum and steel imports gets expensive as a result of the tariffs, more American business entities will resort to manufacturing aluminum ...
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