|Ana Swanson – NY Times
Trump to Impose Sweeping Steel and Aluminum Tariffs
Summary: President Trump said he would impose stiff tariffs on steel and aluminum. The tariffs would be 25% on steel and 10% on aluminum which would apply to every import of those metals. Stocks took a dip in response to the news, with particular declines in the industrial sector. Discussions are still taking place regarding the entire nature of the tariffs, their levels, and applications. Tariffs like this are seen as a fulfilment of Trump’s campaign promises, but many analysts say trade wars will ensue. Gary Cohn and Jim Mattis, top officials of the administration reportedly tried to stop the tariffs. Ongoing arguments on both sides of the coin continue to heat up as talks move forward.