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FPXE - Despite Easing U.S.-EU Trade Tensions Section 232 Likely Here To Stay
First Trust IPOX Europe Equity Opportunities ETF
The intention of the Section 232 tariffs on steel and aluminum was to stop the long-term decline of the US steel industry by protecting domestic producers from low-cost imports.
However, the strategy shifted a substantial cost to steel consumers, who employ far more workers than the steel industry and represent a far larger proportion of the economy.
According to the Financial Times last week, about 300 smaller US businesses wrote to Biden to demand that he drop the 25% import duties.