DONALD Trump is planning to roll back some tariffs on steel and aluminium goods as he battles an affordability crisis that has eroded his approval ratings ahead of November’s midterm elections, said the Financial Times on Friday.
The US president imposed tariffs of up to 50% on steel and aluminium imports last summer and expanded the levies to goods including washing machines and ovens. However, his administration is now reviewing the list of affected products and plans to exempt some items whilst halting further expansion.
Trade officials in the commerce department and US trade representative’s office believe the tariffs are hurting consumers by raising prices for goods such as pie tins and food and drink cans, according to three people familiar with the matter.
More than 70% of US adults rate economic conditions as fair or poor, with about 52% believing Trump’s economic policies have worsened conditions, according to a Pew Research Center poll.
The administration has already provided carve-outs for popular food products and called a truce in its trade war with China. On Wednesday, members of Trump’s Republican Party joined Democrats as the House of Representatives voted to oppose tariffs on Canada.
Officials said the tariff regime had become too complicated to enforce. The commerce department’s “inclusion” process, which allowed US businesses to lobby for foreign products to be hit with tariffs, has led to a sprawling list of household goods subjected to levies.
