On March 8, 2018, President Trump signed into effect tariff increases on raw steel and aluminum. A temporary exception was granted to Canada and Mexico, however, it is due to expire after today. Trump has indicated that the exceptions could become permanent upon a successful renegotiation of the North American Free Trade Agreement. The next round of negotiations is scheduled to begin on May 7, 2018.
Details:
- The increases directly add a 25% ad valorem duty to steel imports and a 10% ad valorem increase to aluminum imports but are expected to indirectly affect the larger US steel and aluminum commodity markets.
- The increases were enacted through Section 232 of the Trade Expansion Act of 1962. It provides the authority in any case that national security is threatened due to a damaged or degrading industrial base, a criterion which was intentionally left broad.
- To view the full list of Tariffs affected by this change, see the links on our website.