US to roll back steel, aluminum tariffs: Report
President Trump is reportedly set to roll back some steel and aluminum tariffs — which at their peak reached up to 50% — and review tariffs on certain derivative product lines.
This move comes as the administration reviews which goods should get exemptions, pauses new tariff expansions, and launches targeted national security checks.
Impact of tariffs on US businesses and shoppers
Most of the cost from these tariffs—almost 90%—has landed on US businesses and shoppers, according to the New York Fed.
With Mexico, China, and Canada making up a huge chunk of US imports, these trade rules have hit close to home.
Canada has already dropped $44 billion in retaliatory tariffs but kept some on metals and cars.
Meanwhile, the US House recently voted to terminate the national emergency President Trump used to justify tariffs on Canadian imports, a largely symbolic move that would not by itself repeal those US tariffs, reflecting ongoing tensions—and hopes for smoother trade—with our neighbors.