Senate finance releases tariff graphic ahead of Ross hearing
The Senate Finance Committee on Tuesday released a graphic on retaliation by other countries in response to the tariffs on aluminum and steel that President Donald Trump has imposed.
The graphic and accompanying explanatory material were released ahead of a hearing today at which Commerce Secretary Wilbur Ross is expected to be grilled on the tariffs and their impact.
The explanatory material notes that under Section 232 of the Trade Expansion Act of 1962, the Commerce Department has the authority to investigate whether imports threaten U.S. national security and that in April Ross initiated, on his own, a Section 232 investigation into imported steel and aluminum products. The publication states that he concluded that steel and aluminum imports threaten national security and recommended that the president impose tariffs and/or quotas to remove that threat. Trump agreed, and in March 2018 imposed a 25 percent tariff on certain steel products and a 10 percent tariff on certain aluminum products, subject to temporary exemptions for products from some countries.
The news release also points out that Senate Finance Committee Chairman Orrin Hatch, R-Utah, has expressed disappointment with the tariffs on steel and aluminum, and frustration with the administration’s decision to impose tariffs on Americans who import steel and aluminum products from the European Union, Canada and Mexico, which initially were exempted from the Section 232 tariffs.