Economy News – Follow-up
Sultan Ahmed bin Salim, CEO of DP World and Dubai, articulated during the World Government Summit in Dubai on Tuesday that U.S. President Donald Trump anticipates that additional global markets will open as the U.S. market does.
He remarked that Trump seeks equitable trade arrangements rather than purely free trade, emphasizing that the U.S. President is a dealmaker intent on negotiating agreements across the board.
In a bid to bolster struggling domestic industries, President Trump has escalated customs duties on steel and aluminum imports to 25%. This initiative aims to enhance the competitive landscape for U.S. manufacturers, although it risks provoking a multifaceted trade conflict.
These tariffs will impact millions of tons of steel and aluminum imported from key partners, including Canada, Brazil, Mexico, and South Korea, among others.
Trump asserted that this action is intended to clarify the customs duty structure on metals, simplifying it so that all stakeholders can easily understand its implications.
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