May 22, 2019
Tariff Watch Update: Tallying the President’s Latest Tariff Actions
Trade barriers imposed by the Trump Administration threaten to diminish the benefits of international trade. AAF’s Director of Immigration and Trade Policy Jacqueline Varas has created a one-stop shop for you to keep up with President Trump’s trade actions and their impact on the U.S. economy.
Varas provides the following update:
On May 20, the United States removed the steel and aluminum tariffs on Canada and Mexico, reducing the value of affected imports by approximately $15 billion. The removal of these tariffs reduce the additional consumer costs by $2.7 billion per year.
Following this reversal, both Canada and Mexico withdrew their retaliatory tariffs of 7 percent to 25 percent on approximately $20 billion of U.S. exports.
Varas notes that the tariff reversal is a positive step toward easing global trade tensions and promoting economic growth in the United States.