Trade tariffs, including the 232 Steel and Aluminum Tariffs and 301 China Investigation have dominated trade news in the last months. In order to provide concise and organized information on how these tariffs may apply to you, Givens & Johnston has compiled the following list of useful resources, as well as our interpretation of events. Please keep in mind that news surrounding steel and aluminum tariffs is ever changing. We strive to be as up-to-date as possible.
Section 232 Links:
On March 23, 2018, 232 Steel and Aluminum Tariffs went into effect placing an additional 25% duty on imported steel products and 10% duty on imported aluminum products. A list of affected steel products can be found in Article (1) here. A list of affected aluminum products can be found in Article (1) here. On March 22, 2018, it was announced that duties on steel and aluminium imports from Argentina, Australia, Brazil, Canada, the European Union, Mexico, and South Korea would be on hold until May 1, 2018 (Later extended to June 1, 2018). Since the March 22 delay, many countries have come to the negotiation table and discussed means of receiving a permanent exemption from the 232 Steel and Aluminum Tariffs. Information on these negotiations can be found below.
-Korean negotiation agreement found here. Note that Korean Steel is exempted from 232 Tariffs, but Korean Aluminium is not.
-News regarding Australia, Argentina, and Brazil found here. Note that this permanent exemption is not yet final. There is news expected to come soon.
-U.S. Customs’ overall summary of affected products and countries can be found here.
Section 301 China Investigation Links:
Section 301 of the Trade Act of 1974, as amended, gives the U.S. Trade Representative (“USTR”) broad authority to enforce trade agreements, resolve trade disputes, and open foreign markets to U.S. goods and services. Included in this authority is the authority to respond to a foreign country’s unfair trade practices. If the USTR makes an affirmative determination of actionable conduct, it has the authority to take all appropriate and feasible action to obtain the elimination of the act, policy, or practice, subject to the direction of the President, if any. The statute includes authorization to take any actions that are within the President’s power with respect to trade in goods or services, or any other area of pertinent relations with the foreign country. The list of products on which the United States raises import duties is called a “retaliation list.” Products included on a retaliation list are carefully selected to minimize the adverse impact on U.S. consumers, firms, and workers. The following links provide a great overview of the investigation.
-USTR comments can be found here.
-USTR Special Report found here.
-USTR Final Report found here.
-President Trump’s comments can be found in the Presidential Comments.
If you have any questions regarding how the 232 Steel and Aluminum Tariffs and 301 China Investigation may affect you or your business, please give our firm a call.