New Tariffs on Steel and Aluminum Finished Products: What Can You Do?
Effective Feb. 8, the U.S. is extending its Section 232 additional tariffs on steel (25 percent) and aluminum products (10 percent) to specific finished products made with steel and aluminum. These include iron or steel nails, tacks, drawing pins, and staples; aluminum stranded wire, cables, and plaited bands; and steel or aluminum bumper stampings for motor vehicles and body stampings for agricultural tractors. Click here for more details.
With such a short time until the effective date, importers of affected products may wonder what options they have for avoiding or mitigating these tariffs.
One option may be to shift sourcing. Covered steel products from Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and covered aluminum articles from Argentina, Australia, Canada, and Mexico, will be exempted from the additional tariffs altogether.
In addition, a process for requesting exclusions from the tariffs for specific products is expected to be developed in the near future. Exclusions may be granted for derivative articles determined not to be produced in the U.S. in a sufficient and reasonably available amount or of a satisfactory quality, or based on specific national security considerations.
Affected importers may have other options as well. To discuss further, or for more information on the options outlined above, please contact trade attorney Kristen Smith at (202) 730-4965.