Steel Yourself for Increased Import Duties

Peter Stern, Express Trade Capital

As widely reported in the press, President Trump announced plans to implement raised duties on steel and aluminum using a pre-existing but rather obscure provision. Section 232 permits the President to impose tariffs or quotas to protect national security.

President Trump announced tariffs will be 25% on foreign-made steel and 10% on foreign-made aluminum.

We expect an official document next week which should provide or lead to specifics around scope, effective date, duration, whether any countries are excluded or carved out, and whether there will be quotas with the tariffs. Also there is only speculation at this point as to what retaliation the US or US exports will face.

We will share the facts once known. If you have any questions, please contact us.

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