steel tariffs

Steel tariffs are taxes imposed by a government on imported steel products. They are used to make imported steel more expensive, encouraging consumers and businesses to buy domestically produced steel. The goal is to protect local steel industries from foreign competition, support jobs, and maintain industry stability. However, tariffs can also lead to higher costs for manufacturers that rely on steel, potentially raising prices for consumers and other industries that use steel as a raw material. Overall, tariffs are a strategic trade tool aimed at balancing domestic industry interests with global trade dynamics.