Washington, Feb. 11 -- U.S. President Donald Trump on Monday signed proclamations to raise tariffs on aluminum from 10 percent to 25 percent and ended duty-free quotas, exemptions and exclusions for steel and aluminum tariffs.
"This is a big deal. This is the beginning of making America rich again," Trump said when signing the proclamations in the Oval Office. "It's time for our great industries to come back to America."
The U.S. president added that there will be no exceptions for these tariffs.
While Trump claims that such measures will bring businesses and jobs back to the United States, economists said they would do the exact opposite.
"What this means is that U.S. steel and aluminum prices will be substantially higher than worl...