Hey fam, big news on the trade front! The US Commerce Department just threw a curveball by extending its 50% tariffs on steel & aluminum imports to hundreds more products.😮
What's happening?
Starting Monday, 407 new product codes—everything from screws to pretty much anything with steel or aluminum—are now slapped with hefty import taxes. Even non-metal parts get tagged based on their origin. Tough break for global supply chains!
Why it matters
Auto makers like Ford and Deere & Company have already seen multi-million dollar cost spikes. AriZona's 99¢ iced tea? Might not stay 99¢ for long, thanks to aluminum can tariffs.⛔😢
Global ripples
Canada, which supplies 70% of US aluminum, hit back with 25% counter-tariffs on $21B of US goods. South Korea's stepping in with subsidies and support for SMEs to tackle verification hurdles and cut cost-sharing.🎯
The bigger picture
Frequent tariff tweaks make US trade ties look less reliable, says expert Zhou Mi. Chaotic policies could squeeze profits, drive up prices, and push overseas suppliers to be extra cautious. That means possible shortages and higher bills for all of us. 💸
What's next?
Expect more back-and-forth retaliation and a closer eye on policy shifts. Businesses might re-think supply chains, and consumers could see pricier gadgets, cars, and even your favorite drinks. Stay tuned! 🔍
Got thoughts? Drop a comment below and let's chat!👇
Reference(s):
U.S. tariff increase on metals raises global trade risks, expert warns
cgtn.com
