On July 10, 2024, the Biden Governance announced tariff increases on imports of aluminum and steel products.The tariff increases are the latest measure to combat the circumvention of Section 301 duties imposed against Chinese origin products by shipping the products through third countries.
Additionally, President Joe Biden announced a new proclamation aimed at adjusting the importation of steel into the united States, citing national security concerns. The move introduces stricter measures on steel imports from Mexico and reinforces existing tariffs.
A Presidential Proclamation on Adjusting Imports of Steel into the United States, published on December 28, 2023, renewed the Tariff Rate Quota (TRQ) for member countries of the European union, continuing the existing quota arrangements. The new tariff will be charged in addition to the duties imposed by metals from countries like Canada,Brazil,and mexico.
In 2024, 79% of aluminum came from Canada. Initially, a 25% tariff was imposed on aluminum, which was later adjusted to duty-free quotas for Canada and Mexico. The duty-free quota is part of the World Trade Institution’s regulations, allowing tariff and quota-free exports.
Apart from Canada, south Korea and Vietnam are also meaningful importers of aluminum and steel to the US. Recent reports indicate a decline in US steel mill capacity, prompting additional duties on these imports.
On July 10, 2024, the Biden administration announced importent tariff increases on imports of aluminum and steel products. These changes aim to combat the circumvention of Section 301 duties imposed on Chinese-origin products by shipping them through third countries [[1]].
President Joe Biden also issued a new proclamation to address the importation of steel into the United States, invoking national security concerns. This proclamation introduces stricter measures on steel imports from Mexico and reinforces existing tariffs [[2]].
A Presidential Proclamation on Adjusting Imports of Steel into the United States, published on December 28, 2023, renewed the Tariff Rate Quota (TRQ) for member countries of the European Union. The new tariff will be charged in addition to duties imposed by metals from countries like Canada, Brazil, and Mexico [[3]].
In 2024, 79% of aluminum came from Canada. Initially, a 25% tariff was imposed on aluminum, which was later adjusted to duty-free quotas for Canada and Mexico. The duty-free quota is part of the World Trade Institution’s regulations, allowing tariff and quota-free exports [[4]].
apart from Canada, South korea and Vietnam are also significant importers of aluminum and steel to the US. Recent reports indicate a decline in US steel mill capacity, prompting additional duties on these imports from these nations [[5]].
These measures highlight the Biden administration’s ongoing efforts to protect domestic industries and ensure national security through controlled trade policies.
