Share this:

WASHINGTON, D.C. — President Donald Trump signed a proclamation Monday modifying tariffs on steel, aluminum, and copper imports, reducing duties on certain products while maintaining broader protections designed to boost domestic metal production.

The changes, which take effect June 8, amend tariffs imposed under Section 232 of the Trade Expansion Act. The White House said the revised rules are intended to support U.S. manufacturers and farmers while encouraging companies to source more materials from domestic producers.

Under the new framework, tariffs on some agricultural and industrial machinery will be reduced to 15% through Dec. 31, 2027. Products containing significant amounts of U.S.-produced metal will receive additional benefits. Derivative products made with at least 85% U.S. “melted and poured” steel or “smelted and cast” aluminum will face an effective tariff rate of 10%.

The proclamation also establishes special treatment for imports from several allied economies. Products originating from Japan, South Korea, the European Union, the United Kingdom, and Taiwan will have a maximum effective tariff rate of 15%. Meanwhile, qualifying imports from Canada and Mexico under the United States-Mexico-Canada Agreement will continue facing 25% tariffs on non-U.S. metal content.

The administration said the policy supports ongoing investments in domestic mining and smelting operations, citing projects involving Century Aluminum, Emirates Global Aluminum, Rio Tinto, Highland Copper, and Ivanhoe Electric.

Trump has argued that tariffs are necessary to rebuild American manufacturing capacity and reduce dependence on foreign suppliers, while critics continue to warn that higher import costs could increase prices for some businesses and consumers.

Sources:


Discover more from News Facts Network

Subscribe to get the latest posts sent to your email.

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
0
Would love your thoughts, please comment.x
()
x