White House says 25% steel tariffs will apply to all countries

Trump says:

• no exceptions or exemptions
• we are doing a 25% tariff on steel and aluminium

Trump signs two proclamations that extend the original 2018 Section 232 investigation.

• Aluminum tariffs are being raised to 25% from 10%.
• Proclamations will reinstate a 25% tariff on steel imports for all countries.
• Capacity utilization in the steel industry has fallen from the target of 80% to nearly 70%.
• The U.S. will institute a ‘melt and pour’ standard for steel in North America and a ‘smelt and cast’ standard for aluminum.
• Action will expand tariffs to include key downstream products.
• Trump is ending the product exclusion process.
• Tariffs will ensure that American producers can compete on a level playing field once again.
• Trump’s action directed customs officials to increase oversight of the misclassification of steel and aluminum products.
• Trump trade adviser Navarro says tariffs are about ensuring the U.S. never has to rely on foreign nations for critical industries like steel and aluminum.
• Navarro says Trump’s actions will end foreign dumping, boost domestic production, and secure the steel and aluminum industries as the backbone of U.S. security.

This article was written by Eamonn Sheridan at www.forexlive.com.