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US aluminum tariffs achieved goal in saving, growing domestic industry: panel
The US’ 10% tariff on aluminum imports from most countries accomplished its stated purpose of protecting the at-risk domestic aluminum industry in the interest of national security, market analysts and participants said May 26 after the release of a report from the Economic Policy Institute.
EPI Senior Economist Robert Scott said the tariff, imposed by former President Donald Trump under Section 232 in 2018, came at a time when the US primary aluminum industry was “hanging on by a thread.”
“The industry was threatened with collapse, and the US had the only existing high-quality, high-purity aluminum smelter that was running in the NATO countries,” Scott said in a virtual panel discussing the EPI’s May 25 report on the tariff’s impact.