Last week, President Trump formally announced the long awaited 232 tariffs for aluminum and steel. In the 232 Proclamations, the tariffs of 10 percent for aluminum and 25 percent for steel were confirmed.
The President provided certain exemptions to U.S. NAFTA trading partners Canada and Mexico as ‘special cases’ considering the ongoing NAFTA renegotiation. He further suggested that both countries would take appropriate actions to ensure that ‘transshipments’ of steel do not occur.
The president also invited other nations that have an “important security relationship” with the United States to appeal for flexibility. This comes as Congressional leaders and downstream/consumer industries wrote to the President urging flexibility out of worry that the tariffs might undermine the positive impacts from the recently enacted tax reforms and might invite retaliation from other countries.
The Secretary of Commerce will release guidance ten days from the announcement providing the procedures and details for supplier and importer requests for exclusions from these tariffs. The President’s proclamation also instructs the Secretary of Commerce to continue to monitor imports and notify the president of any need to increase the duty rate or whether the duty rate is no longer necessary.
ISRI will convene a webinar on Friday, March 16, at 11 a.m. ET to discuss the 232 tariffs and the implications for the scrap recycling industry. We will continue to closely monitor this situation and report on any changes or clarifications as we learn of them.
For more information, please contact Adina Renee Adler