The White House announced on February 10 that 25 percent tariffs on imported steel and aluminum products will take effect in March.
After President Trump signed two executive orders to impose the tariffs, the White House issued a fact sheet stating it is acting to “protect America’s critical steel and aluminum industries, which have been harmed by unfair trade practices and global excess capacity.” The fact sheet mentions that studies have repeatedly shown that contrary to public rhetoric, tariffs can be an effective tool for achieving economic and strategic objectives.
These tariffs could have significant ripple effects across industries that rely on these imported materials. The water well drilling industry relies on U.S.-produced steel, so it won’t be affected as hard as other industries. But there are some drilling companies and equipment manufacturers that source steel and aluminum from international suppliers.
This action on tariffs comes one week after President Trump announced a one-month pause on other tariffs for Canadian and Mexican goods.
China responded with tariffs of its own ranging from 10 percent to 15 percent and are applied to crude oil, liquefied natural gas, farm machinery, and select other products from the United States.