In a meeting with business leaders yesterday, President Trump said that next week he will authorize assessment of 25 percent tariffs on imported steel and 10 percent tariffs on imported aluminum. According to recommendations issued January 11, 2018 by the Department of Commerce, these tariffs will cover a wide range of steel products classified under Chapters 72 and 73 of the HTS, and on a wide range of aluminum products classified under Chapter 76. It is not known yet whether the tariffs will be applied equally to all exporting countries, or whether some countries products will not be affected.
Trump said the official “signing” to authorize tariffs pursuant to respective “Section 232” investigations on the national security impacts of steel and aluminum imports will take place next week. “You’ll have protection for a long time in a while,” Trump said, according to reports distributed from the White House press pool. “You’ll have to regrow your industries; that’s all I’m asking.” Press reports described the meeting as a “listening session”. The steel industry has long been seeking a “level playing field” and believe these new tariffs will provide them that. Others are not so sure, and have expressed concern about the overall effect on the U.S economy and fears of a trade war.
We will issue further updates as they become available.