More tariffs will have serious impact on steel industry across the country [Video]

HARTFORD, Conn. (WFSB) – More tariffs will have a serious impact on the steel industry across the country.

President Trump announced a 25% tariff on steel.

During Trumps first presidency, he slapped tariffs on steel and aluminum imports from Canada, Mexico, and the European Union.

40% of steel imports come from Canada and Mexico.

There were also volume limits on imports from many other countries.

Trump warned of the new tariffs Sunday in New Orleans.

It’s a move he says will lend a helping hand to domestic steel and aluminum makers, but it may also come with some rising cost for businesses and consumers.

“I think that 25% tariff is a counterproductive measure that will not be good for the economy. Although there will be some winner, some steel mills may benefit. However, the broader economy will suffer,” said Dr. Mohammad Elahee, Professor of International Business, Quinnipiac University. “If you analyze what has happened over the last few decades, many admins have imposed tariff on steel and …