Trade tariffs imposed by Trump

Trade tariffs imposed by Trump

TOLEDO, OH (WTOL) - Battle lines have been drawn between between the United States and its three biggest trading partners.

The U.S. is imposing steep tariffs on Mexico, Canada and the European Union.

In March President Trump  announced worldwide trade penalties would go into effect. The three countries were gr anted two month extensions while negotiators talked.

Those talks ended on Friday.

A 25 percent tariff on imported steel and a ten percent tariff on imported aluminum will be imposed.

The decision is meant to protect U.S. national security.

"I'm not sure how far this will go with tariffs but certainly has the potential to impact a lot of the trade routes on the Great Lakes," according to Joe Cappel of The Toledo Lucas County Port Authority.

He added that 236,000 tons of aluminum passed through Toledo's port in 2017. That's a 17 percent increase from 2016.

"Because we have the ability to handle so many types of cargo at the Port of Toledo a decline in aluminum could lead to an increase in some input for domestic production. It tends to balance out," said Cappel.

So how does this effect you and me?

International Trade Attorney Dan Ujczo said people with jobs in small and medium sized manufacturing companies better watch out, specifically those in the automotive and aerospace industry.

"So we're going to see costs go up. Supplies are going to have to start contracting, perhaps laying people off. One job creates ten other jobs in the economy in the manufacturing sector if not more. That's where we're going to start seeing this," said Ujczo.

And things could get even worse.

Mexico and the EU have already announced plans to retaliate with their own tariffs against U.S. made products.

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