Of all United States Presidents since the nation’s inception in 1776, current President Donald Trump is unarguably the most unique. Without conveying my opinions of Mr. Trump to you, one thing’s for sure: he’s one of a handful of big-time businesspeople to step into the role.
As such, many people would assume that most business- or financial-related decisions Donald Trump makes are well-informed, solid moves. Many experts have mixed feelings, though you should inform yourself of the following real-world, right-now scenario and gauge your opinion on “The Donald,” a fortunate man that was raised wealthy – not to say he didn’t build a business empire (he did).
Besides, with such a background in affluence, Donald Trump’s business sense should be greater than – well – the bottom 99.9%, at least!
Throughout recent weeks, Trump has led talks of imposing tariffs on both aluminimum and steel imports from all 194 countries – that’s every nation on planet Earth outside of the United States – in the amounts of 25 percent on steel, 10 percent on aluminum.
Bloomberg reported that these two figures were accurate, though the two independent sources of such information weren’t named, as these metallic tariff talks weren’t public.
Those same sources indicated some characteristics of the current deal are subject to change. Further, a select few countries could very well be awarded exemptions from tariffs, resulting in potentially better foreign policy towards some countries, though others’ relationship with the United States might become tarnished as a result of being left out.
Why Is the United States Government Considering Such Tariffs?
Although our society is an intricately globalized one, not all international trade proves beneficial for all parties involved.
Just a few months ago, the United States Commerce Department conduced research that found incoming shipments of aluminum and steel – believe it or not – harmed national security of the United States.
Relations with China, the largest steel and aluminum producer and exporter, could become strained, though the goal of such tariffs is not, at all, to stave off positive relations with other countries. Currently proposed tariffs that could be made official as soon as later today, March 1, 2018, would beef up United States national security, though at a potentially hefty price tag.
Trade relations between the United States and Canada will likely become strained, essentially scrapping NAFTA.