Trump increases tariffs on derivative steel, aluminium products from some countries
[WASHINGTON] US President Donald Trump on Friday signed a proclamation increasing tariffs on derivative steel products by an additional 25 per cent and boosting duties on derivative aluminium products by an additional 10 per cent.
Mr Trump said Argentina, Australia, Brazil, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products, and Argentina, Australia, Canada and Mexico are exempt from the added duties on derivative aluminium articles.
Mr Trump has imposed tariffs on imported steel and aluminium to help boost US production, which he says is a national security issue.
Since the imposition of tariffs, Mr Trump said, imports of steel and aluminium have declined but imports of derivative products, like steel nails and aluminium cables, have increased.
Mr Trump said "foreign producers of these derivative articles have increased shipments of such articles to the United States to circumvent the duties on aluminium articles and steel articles". He said the increased tariffs would be effective on Feb 8.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
California to wrap up ExxonMobil plastics probe ‘in weeks’, AG says
Gold edges higher; hovers near one-week low on tempered Middle East fears
Why has gold’s inverse relationship with the US dollar reversed?
Oil futures fall as fears of a wider Middle East war fade
Malaysia’s Sapura Energy to sell stake in SapuraOMV to TotalEnergies for US$705 million
Saudi Aramco in talks to buy 10% of China’s Hengli Petrochemical