US President Donald Trump today said that he has decided to impose a 25 per cent import tariff on steel and another 10 per cent on aluminium.
He made the announcement during a meeting with executives of steel and aluminium companies.
Trump said that he had decided on tariffs of 25 per cent for steel and 10 per cent for aluminium.
"It'll be for a long period of time," Trump said in the presence of a pool of reporters.
"We'll be signing it next week. And you'll have protection for a long time in a while. You'll have to regrow your industries, that's all I'm asking," Trump said.
Among those present were representatives of Arcelor Mittal, owned by an Indian-origin business tycoon from Europe.
Dave Burritt from US Steel Corporation said that America is not protectionist but it needs a level-playing field.
"We are not protectionists, we want a level-playing field," he said.
Burritt called it "the whack-a-mole game" in which US companies have to beat back foreign competitors with unfair trade practices.
Dumping, "destroys our companies and our jobs. People have no idea how badly our country has been mistreated... We're bringing it all back," Trump said.
Trump talked about washing machine tariffs and solar panels tariffs and asserts companies are opening closed plants in the United States.
He reiterated that he doesn't blame other countries if other US leaders agreed to bad deals.
"Those people should be ashamed of themselves. Pretty much all of you will be immediately expanding if we give you that level-playing field. What's been allowed to go on for decades is disgraceful," the President said.
Trump said if a country can't make aluminium and steel it's almost not a country.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)