U.S. President Donald Trump has signed an executive order imposing 25 percent tariffs on steel imports and ten percent on aluminum.<br />As he previously alluded to, Mexico and Canada are likely to be exempt pending the outcome of ongoing negotiations on NAFTA.<br />Park Jong-hong reports. <br /> In the end, President Trump stuck to his guns.<br />This despite fierce protests from trading partners and even collective concern from members of the Republican party who claim the measures would weaken the competitiveness of U.S. industries.<br /><br /> "Today, I'm defending America's national security by placing tariffs on foreign imports of steel and aluminum. We will have a 25 percent tariff on foreign steel and 10 percent on foreign aluminum when the product comes across our borders."<br /><br />But he held off a decision on Canada and Mexico saying that negotiations are ongoing on NAFTA.<br />He said if the U.S. strikes a deal, there will be no tariffs for the two countries but if talks fall apart, the U.S. will terminate NAFTA and start all over again.<br />He did say that he's optimistic a deal would be reached.<br />In any case, Trump said 15 days remain until the tariffs take effect and exemptions will be made on a case-by-case basis considering "fairness on trade."<br />President Trump spoke at length about how the U.S. industry had been taken advantage of over the years.<br /> He said millions of U.S. workers had been laid off as plants closed all across America ravaged by the unfair trade practice called dumping.<br />He said this was not just a disaster for the economy but also national security.<br />In the future he added there will be many cases of reciprocal tax which is virtually a tit for tat in tariffs between trading partners.<br />The tariff decision deals a blow to Korea which will have to come to grips with Trump's move.<br /> Seoul's Trade Minister Kim Hyun-jong has been meeting with Congressional and Senate leaders pitching the message was that Korean steel is not a threat to the U.S. steel industry and is actually contributing to the U.S. economy through local investments.<br />In the next 15 days, Korea plans to make a final pitch to try to minimize the tariff impact.<br />Park Jong-hong, Arirang News. <br />
