Trump says:
- no exceptions or exemptions
- we are doing a 25% tariff on steel and aluminium
Trump signs two proclamations that extend the original 2018 Section 232 investigation.
- Aluminum tariffs are being raised to 25% from 10%.
- Proclamations will reinstate a 25% tariff on steel imports for all countries.
- Capacity utilization in the steel industry has fallen from the target of 80% to nearly 70%.
- The U.S. will institute a 'melt and pour' standard for steel in North America and a 'smelt and cast' standard for aluminum.
- Action will expand tariffs to include key downstream products.
- Trump is ending the product exclusion process.
- Tariffs will ensure that American producers can compete on a level playing field once again.
- Trump's action directed customs officials to increase oversight of the misclassification of steel and aluminum products.
- Trump trade adviser Navarro says tariffs are about ensuring the U.S. never has to rely on foreign nations for critical industries like steel and aluminum.
- Navarro says Trump's actions will end foreign dumping, boost domestic production, and secure the steel and aluminum industries as the backbone of U.S. security.
