UPDATED APRIL 8, 2018
Steel and Aluminum Tariffs
Interim Final Rule
Setting forth Requirements for Requests for Exclusions And Objections thereto
In two separate Presidential Proclamations dated March 8, 2018, President Trump fulfilled his promise to impose tariffs on imports of steel and aluminum (imports from Canada and Mexico were temporarily exempted pending the NAFTA negotiations). On March 22, 2018, President Trump signed two additional Presidential Proclamations temporarily exempting until May 1, 2018 certain countries (i.e., Canada, Mexico, Australia, Argentina, South Korea, Brazil and European Union member countries). On March 23, 2018, South Korea and the U.S. agreed in principle to a number of changes to the Korea-U.S. Free Trade Agreement (KORUS), including an agreement by South Korea to a product-specific quota equivalent to 70% of its average annual steel export volume to the U.S. from 2015 through 2017.
Thus, a 25% ad valorem duty will apply to covered imports of steel and a 10% ad valorem duty will apply to covered imports of aluminum from non-exempted countries. Tariffs will apply with respect to (a) non-exempted goods entered or withdrawn from warehouse for consumption on or after 12:01 a.m. eastern daylight time on March 23, 2018, and (b) all goods on or after 12:01 a.m. eastern daylight time on May 1, 2018. Adjustments to tariffs might be made to non-exempt countries as countries are exempted on a long-term basis
