The USA has announced there will be import fees for metals from other countries. What does this mean?
Mostly U.S companies import metals from other countries than using the metals extracted in the U.S.A. This is because of U.S metals costs more and metals from other countries such as China are cheaper.
But with the new rule, a company bringing $100,000 worth of steel from other countries has to pay additional $25,000. The $25,000 is for the government of U.S.A.
This will help the U.S mining companies since U.S companies prefer to buy from them. But the U.S companies will raise the price of the products made from them. So U.S citizens have to pay for it. Also, people from other countries reduce buying products from U.S.A since the cost will be higher.