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Wall Street slumped Monday as markets tumbled worldwide on worries about the pandemic’s economic pain but analyst Daniel Ives says market volatility is something we should expect as a result of bad news and a contentious presidential election. (Sept. 21)

AP Domestic

The Trump administration said Friday that it would immediately impose tariffs on aluminum sheets imported from 18 countries after a preliminary investigation concluded they were being “dumped” in the U.S.

The move, which affects countries ranging from Germany to Egypt to South Korea, comes ahead of the U.S. International Trade Commission’s official determination in the antidumping case in February 2021.

“The Department’s aluminum sheet investigations constitute the broadest U.S. trade enforcement action in two decades,” Secretary of Commerce Wilbur Ross said Friday in a statement.

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 (Photo: Getty Images)

The affected countries are Bahrain, Brazil, Croatia, Egypt, Germany, Greece, India, Indonesia, Italy, Oman, Romania, Serbia, Slovenia, South Africa, South Korea, Spain, Taiwan and Turkey. Collectively, they exported nearly $2 billion in aluminum to the U.S. in 2019, according to the Commerce Department.

Ross told Fox Business on Friday that the tariff rate will range from the single digits for Bahrain to anywhere from 52% to 132% for Germany.

The U.S. is already imposing tariffs on Chinese aluminum.

Historically, antidumping duties have been imposed when the U.S. determines that a foreign country has subsidized products or sold them at an unfairly low rate to Americans.

The Aluminum Association, a trade group that represents American aluminum companies, praised the move. The group said it was necessary because Chinese aluminum producers had shifted production to other countries after the U.S. imposed tariffs on them in