Trump says he will announce 25 percent steel, aluminium tariffs; more import duties are coming
Washington (AP): President Donald Trump said he will announce on Monday that the United States will impose 25% tariffs on all steel and aluminium imports, including from Canada and Mexico, as well as other import duties later in the week.
"Any steel coming into the United States is going to have a 25% tariff," he told reporters Sunday on Air Force One as he flew from Florida to New Orleans to attend the Super Bowl. When asked about aluminium, he responded, "Aluminum, too" will be subject to the trade penalties.
Trump also reaffirmed that he would announce "reciprocal tariffs" — "probably Tuesday or Wednesday" — meaning that the U.S. would impose import duties on products in cases where another country has levied duties on U.S. goods.
"If they are charging us 130% and we're charging them nothing, it's not going to stay that way," he told reporters.
Trump's comments are the latest example of his willingness to threaten, and in some cases impose, import taxes. Tariffs are coming much earlier in his presidency than during his previous four years in the White House, when he prioritised tax cuts and deregulation. Trump has alternately said he sees import taxes as tools to force concessions on issues such as immigration, but also as a source of revenue to help close the government's budget deficit.
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TN seeks duty-free cotton imports to support textile sector: CM Vijay writes to PM
Chennai (PTI): Tamil Nadu Chief Minister C Joseph Vijay on Thursday urged Prime Minister Narendra Modi to remove the import duty on cotton.
In his first letter to Modi after taking over as chief minister of the state, he said Tamil Nadu is the country’s largest textile and apparel exporting state.
Lakhs of people are dependent on this sector for both direct and indirect employment, especially women from rural and semi-urban backgrounds, Vijay pointed out.
Stating that the industry is facing a severe crisis due to an increase in cotton prices and consequently yarn prices, he said, “I understand this is caused primarily due to a shortage in cotton production and increased trading activity in the country.”
Pointing out that the price of cotton has increased from Rs 54,700 to Rs 67,700 per candy—an increase of 25 per cent over the last two months—while yarn prices have increased from Rs 301 to Rs 330 per kg, he said, “In this situation, the continued supply of raw material can be ensured only through imports.”
However, there is an import duty of 11 per cent on cotton, he said, adding that in such a situation, permitting duty-free cotton imports will help the industry meet increasing export commitments and remain globally competitive.
Vijay said that after agriculture, the textile and apparel sector is one of the largest employment-generating sectors.
“There is a significant responsibility on the government to safeguard the employment of lakhs of people and ensure the sustainability of the textile value chain," he said.
“Hence, I request your intervention to remove the import duty on cotton from the existing 11 per cent to 0 per cent to ensure the availability of raw material. This measure will enable the textile and apparel industry to remain globally competitive, enhance exports, and protect jobs,” he added.
