Washington (TDI): President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25 percent “without exceptions or exemptions” in a move to help the struggling industries but which increases the risk of a multi-front trade war.
Trump inked proclamations raising the U.S. tariff rate on aluminum to 25 percent from his previous 10 percent rate and eliminating country exceptions and quota agreements as well as hundreds of thousands of product-specific tariff exclusions for both metals.
A White House official confirmed the measures would be implemented on March 4, according to Reuters.
The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Mexico, South Korea, Brazil and other countries that had been entering the U.S. duty free under the carve-outs.
Trump stated that the move will streamline metal tariffs to ensure everyone clearly understands what it means.
“It’s 25 percent without exceptions or exemptions. That’s all nations, no matter where it comes from, all countries.”
Trump later said he would give “great consideration” to Australia’s request for an exemption to the steel tariffs due to that nation’s trade deficit with the U.S.
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The proclamations were extensions of Trump’s 2018 Section 232 tariffs to safeguard domestic steel and aluminum makers on national security grounds.
Trump also will impose a new North American standard needing steel imports to be “melted and poured” and aluminum to be “smelted and cast” within the region to limit U.S. imports of minimally processed Chinese and Russian metals that avoid other tariffs.
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The action also extends the tariffs to downstream products that use foreign-made steel such as fabricated structural steel, aluminum extrusions and steel strand for pre-stressed concrete.
