Trumps Import Tariffs on Steel and Aluminium

On March 8, US President Donald Trump imposed import tariffs on steel and aluminium products of 25% and 10%, respectively, to be applied initially to all trading partners except Canada, Mexico and Australia. An analysis of trade data from 2005 to 2016 shows that there was no sharp and sudden increase in these US imports, and that allied countries account for the bulk of US imports. Both the import volume as well as average prices hardly changed between 2005 and 2016, despite strong annual fluctuations. And most of the imports come from NATO countries and other US allies. Justifying these tariffs with a sudden flood of imports or concerns about national security seems to be just a pretext.