Tariffs expand on steel and aluminum
The U.S. Department of Commerce recently announced the expansion of Section 232 tariffs on aluminum and steel imports. According to NMMA, over 400 HTS codes have been added to tariffs on aluminum and steel derivative products, which are now subject to a 50% tariff.
Several marine products could now be subject to these new tariff rates.
According to Reuters:
The U.S. Commerce Department said on Tuesday it is hiking steel and aluminum tariffs on more than 400 products, including wind turbines, mobile cranes, appliances, bulldozers and other heavy equipment, railcars, motorcycles, marine engines, furniture and hundreds of other products.
The department said 407 product categories are being added to the list of “derivative” steel and aluminum products covered by sectoral tariffs, with a 50% tariff on any steel and aluminum content of these products, plus the country rate on the non-steel and non-aluminum content.
Evercore ISI said in a research note that the move covers more than 400 product codes representing over $200 billion in imports last year and estimates it will raise the overall effective tariff rate by around 1 percentage point.
The department is also adding imported parts for automotive exhaust systems and electrical steel needed for electric vehicles to the new tariffs, as well as components for buses, air conditioners, and appliances like refrigerators, freezers and dryers.
