Experts say Trump's move on imposing tariffs on steel is a huge - KBJR 6 Your Weather Authority: News, Weather & Sports

Experts say Trump's move on imposing tariffs on steel is a huge win for the Iron Range

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The Trump administration is promising to impose tariffs on imported steel and aluminum as early as next week.

He told reporters in a meeting with steel and aluminum executives Thursday he plans to protect steel industries for the first time in a long time.
But what does this mean for our region?

"This is a historically significant shift in American trade policy," said Professor of Economics at College of Saint Scholastica, Anthony Barrett.

President Donald Trump's newest campaign promise is set to help struggling industries.

"Essentially we are putting a tax on any imported steel," said Barrett.

Twenty-five percent on steel and 10% on aluminum.

 Barrett says what President Trump is promising is he's proposing all steel products will be taxed from all countries.

Barrett says it could create some backlash for consumers in certain businesses.

"So anyone who buys steel or a product using steel like a car will be paying more for it," said Barrett.

But our region will benefit from it. 

"We are definitely, this region will be among the winners," said Barrett.

Steelworkers and taconite miners along the Iron Range have been pushing for tariffs on foreign steel for years.

"If imported steel is having to pay a 25% tax to come in that's going to want to allow US producers 1) to raise their prices but not 25% but also there will be more demand for their steel... if there's more demand for US steel...there's more demand for Minnesota Iron Ore," said Barrett.

Proponents of the tariffs are praising the President's promise. 

"Well the thing that is important about trade - trade is very important to our country, it's important to many of American manufactures, Minnesota manufactures, Minnesota agriculture, but it's important that that trade be fair.. and that is what I always look for when I look at these trade situations," said Senator Tina Smith. 

Meanwhile, Republicans seem to be concerned about its potential impact, U.S. Senator Ron Johnson said in part

 "I plan to work with my colleagues and the administration to ensure fair, robust trade policies that protect our state's workers and consumers."

Trump ordered a Commerce Department review of imports of both metals last year. 

Trump has until April to formally decide whether to support the department's recommendation to impose tariffs.

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