U.S. President Donald Trump signed proclamations that levied a 25 percent tariff on steel articles and a 10 percent tariff on aluminum articles imported from all countries beginning March 23rd. Exemptions were granted to Canada, Mexico, Australia, Argentina, South Korea, Brazil and all member nations of the European Union until April 30th.
Exemptions have been extended to all countries except South Korea. Steel articles made in South Korea will be under an absolute quota program. Aluminum articles will now be subject to the 10 percent tariff.
It remains uncertain if the exemptions will be extended after June 1st, 2018 for Canada, Mexico, and the member nations of the European Union. We expect additional information to become available as that date approaches.
Additional information is available at the following link.