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On March 9, 2018, President Donald Trump announced a 25% tariff on steel and a 10% tariff on aluminum imports from countries around the world. This policy has sparked widespread concern, especially in nations like Brazil and Vietnam.
In Vietnam, workers in the steel and aluminum industries are worried about the future. “The new tariffs make it more difficult for our aluminum products to enter the US market,” said a Vietnamese factory worker. The tariffs threaten to slow down the growth of Vietnam’s emerging metal industry, potentially affecting jobs and the economy.
Meanwhile, in Brazil, the world’s second-largest exporter of steel to the US, the impact is equally significant. Brazilian entrepreneur Alderir Gutierres expressed his concerns: “A 25% tariff disrupts a market that the World Trade Organization has helped organize for many years. This will have a huge impact on Brazil’s economy.” The tariffs may lead to decreased exports and could harm Brazil’s steel industry, which heavily relies on the US market.
The new US trade policy is causing ripples across the globe, with developing countries like Brazil and Vietnam feeling the strain. As industries brace for the impact, there is growing anxiety about the future of international trade relations and economic stability.
