Hamilton’s steel industry and business community are on tenterhooks after President Donald Trump pledged to impose a 25 per cent tariff next week on steel exported to the U.S. “This is the worst-case scenario for Hamilton,” said local chamber of commerce president Keanin Loomis. “We didn’t expect this.” Trump announced Thursday his plans to introduce the steel tariff as well as a 10 per cent tariff on aluminum. “It’s huge ripple effect.” The drama started with the Trump administration unsheathing a weapon rarely used in the trade world: a so-called national security exception. University of Toronto steel expert Peter Warrian said Hamilton has the country’s two biggest steel producers in Stelco and ArcelorMittal Dofasco. Gary Howe, president of United Steelworkers Local 1005 in Hamilton, said the union will assess the situation once it knows for sure the tariff is happening.

Source: thestar March 02, 2018 04:07 UTC