- Reinstatement of Tariffs: President Trump signed two proclamations on February 10, 2025, reinstating a 25% tariff on steel imports and increasing the aluminum tariff to 25%, effective March 12, 2025. These changes aim to strengthen national security and encourage domestic production, reversing previous exemptions for countries like Canada and Mexico.
- Concerns Over Imports: The proclamations were prompted by rising steel imports from exempt countries and concerns about increased aluminum production capacity, particularly from China and South America. The tariffs will apply to a wide range of steel and aluminum products, as well as their derivatives, requiring importers to specify the steel content and country of origin.
- Business Compliance Actions: Businesses are advised to review their import procedures and classifications, assess the impact of the new tariffs on operations, and explore strategies to mitigate costs, such as aligning customs valuation with transfer pricing. Additionally, companies should stay informed about ongoing trade policy developments to adapt swiftly to regulatory changes.
Source EY
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