Trump Considers Reducing Tariffs on Steel and Aluminum Amid Affordability Crisis

U.S. President Donald Trump is reportedly planning to reduce tariffs on certain steel and aluminum products, according to the Financial Times. This move comes as he faces an 'affordability crisis' that has weakened his support ahead of the November midterm elections. Last summer, Trump imposed tariffs of up to 50% on steel and aluminum, extending these duties to various metal products, including washing machines and ovens. However, three informed sources indicate that the Trump administration is reviewing the list of products affected by these tariffs and plans to exempt some items, halting the expansion of the tariff list. Instead, the administration aims to conduct more targeted national security investigations on specific goods. According to these sources, trade officials from the U.S. Department of Commerce and the Office of the U.S. Trade Representative believe that the tariffs are harming consumers by raising prices on items such as dishware and food and beverage cans. Countries including the United Kingdom, Mexico, Canada, and EU member states may benefit from the relaxation of U.S. tariffs on steel and aluminum.