What’s Happening with Steel and Aluminum?
Hey there! Have you heard about steel and aluminum? 🛠️ They’re metals used to make things like cars, bikes, and even soda cans! Recently, something big happened that’s affecting how much these metals cost.
The Big Tariff Announcement
The U.S. President, Donald Trump, announced that the taxes, called tariffs, on steel and aluminum coming into the U.S. will double! That means if a company was paying 25% extra tax before, now they’ll pay 50%! 😮 These new tariffs started on June 4th.
Why Does This Matter?
This is a big deal because countries like Canada and the European Union (that’s a group of countries in Europe 🇪🇺) sell a lot of steel and aluminum to the U.S. Canada, in fact, is the biggest supplier of these metals to the U.S.! 🇨🇦
Reactions from Around the World
Canada says this move will really hurt their businesses, affecting half of what they make. That’s a lot! The European Union isn’t happy either. They say it might ruin important trade talks and make things even more tense between countries.
What Does This Mean for You?
Well, if companies have to pay more to get steel and aluminum, the prices of things made from these metals might go up. That could mean bicycles, cars, and even canned drinks might become more expensive! 🚲🚗🥤
Wrapping Up
Trade and tariffs can be a bit tricky, but they affect everyone in different ways. It’s important to stay informed about what’s happening in the world, so thanks for reading! 🌍
Reference(s):
cgtn.com
