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U.S. Sets Terms for Aluminum, Steel Tariff Exclusions
The U.S. Dept. of Commerce has posted rules that overseas suppliers of aluminum and steel must follow to avoid the country’s new tariffs on the two metals.
#aluminum #economics
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The U.S. Dept. of Commerce has posted rules that overseas suppliers of aluminum and steel must follow to avoid the country’s new tariffs on the two metals.
The department says requests to avoid a 10% tax on aluminum and 25% tax on steel must be made separately for each type of product and include specific descriptions its properties, performance and quality.
Applications will then posted for 30 days. Domestic suppliers that object to an application must provide proof that they could supply a comparable product, explain their capacity to do so and provide delivery times relative to the proposed imported material. Their objections will be reviewed by the Commerce Dept.’s Bureau of Industry and Security.
The department says the system is intended to transparently “hone” the tariffs announced less than two weeks ago by President Donald Trump, protect U.S. national security and minimize the cost impact on American industries that use the metals.
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