US trading partners, businesses say tariffs will backfire
Editors Note APNewsNow. With AP Photos. With BC-US--Trump-Trade
By The Associated Press
The Trump administration's decision to impose tariffs on aluminum and steel imports has dismayed trading partners and industries across the globe.
Officials warned Friday that the penalties may threaten wider economic ties. Businesses said they would jack up jack up costs, raising prices for consumers and potentially putting people out of work.
Despite objections voiced by many business trade groups and lawmakers, the White House forged ahead Thursday with its plan to levy tariffs of 25 percent on imported steel and 10 percent on aluminum.
President Donald Trump says the tariffs are needed to protect U.S. workers. They are scheduled to take effect in 15 days.
Several industry trade groups said the tariffs could spark a broader trade war without resolving the problems they're intended to address.
By The Associated Press, Copyright 2018