January 28, 2020
– The U.S. will expand existing 25% tariffs on steel and 10% tariffs on aluminum to cover imports of several items made from the metals, including steel nails, tacks, staples wires and cables, a White House proclamation published Friday stated. The duties take effect Feb. 8.
– In the proclamation, the president said imports of raw aluminum and steel have decreased since tariffs took effect in March 2018, but imports of steel and aluminum derivatives (items made from the metals) have “significantly increased. … The net effect of the increase of imports of these derivatives has been to erode the customer base for U.S. producers of aluminum and steel.”
– Aluminum product tariffs will not apply to imports from Argentina, Australia, Canada and Mexico. Steel product tariffs will not apply to Argentina, Australia, Brazil, Canada, Mexico and South Korea, the proclamation said.
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Source: Supply Chain Wave