President Trump Announces Additional Tariffs on Steel and Aluminum Products
Last Friday, President Trump signed a proclamation increasing the tariff on steel product imports by 25% and aluminum product imports by 10%. The increases will go into effect on February 8, 2020.
The President initially imposed the Section 232 tariffs on steel and aluminum products in March 2018, citing unfair and biased industry practices pertaining to American-made steel. Although imports of steel and aluminum have declined since then, imports of derivative products, such as steel nails or aluminum cables, have increased.
The proclamation declares the following:
- An additional 25% tariff will be imposed on finished steel products coming from ALL countries except Canada, Mexico, South Korea, Brazil, Argentina, and Australia.
- An additional 10% tariffs will be imposed on finished aluminum products coming from ALL countries except Canada, Mexico, Argentina, and Australia.
- In order for a product to be considered a steel or aluminum “derivative,” it must meet the following criteria:
- At least 2/3 of the final product cost must be derived from steel or aluminum
- Import volumes of the product must have increased year-to-year for the preceding two years
- The products must demonstrate a recent surge in import volume that is significantly greater than the established 4% import growth rate of all products.
Trans-Border will continue to monitor the situation. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at firstname.lastname@example.org or (800) 493-9444.