The White House has announced an amendment to the current Section 232 tariffs on steel and aluminum products. Steel will continue to be assessed a 25% additional tariff, and the tariff rate for aluminum will increase from the current 10% to 25%.
Exemptions provided to certain countries, including Australia, Canada, Japan, Mexico, South Korea, and Ukraine will be revoked. The tariff rate quotas established for Japan, the UK, and member countries of the EU will also be revoked. The President has also determined that the process for applying for product exclusions should be terminated. The current list of General Approved Exclusions will be revoked.
These measures reportedly are scheduled to be effective on March 12, 2025.
Specifics are still in short supply, and some issues will need to be clarified, including possible additions to the list of derivative products covered by the 232 tariffs. It has been reported that an exemption requested by Australia is under consideration, but it is not mentioned in the fact sheets provided by the White House. The Section 232 fact sheet can be viewed here, and a sheet specific to steel can be viewed here.
Best Regards,
Sam McClure, LCB
Director of Compliance & Customs Services