- On 10 July 2024, the Biden Administration and Mexican President Manuel Lopez Obrador agreed to implement additional trade measures to prevent circumvention of US punitive tariffs on steel and aluminum imports under Section 232.
- The new measures require that steel from Mexico must be melted and poured in the US, Canada, or Mexico to be exempt from tariffs, and aluminum from Mexico must not be smelted or cast in China, Russia, Belarus, or Iran.
- These tariffs took effect immediately on 10 July 2024. Businesses with international supply chains should monitor updates from US Customs and Border Protection, develop compliance processes, and review Foreign Trade Zone operations and admission status of steel and aluminum products.
Sources
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