U.S. President Donald Trump has announced updated rules regarding import tariffs on steel, aluminum, and copper, aimed at lowering tariff rates for certain derivative products, as well as simplifying control procedures and preventing undervaluation of imports.
This is reported by Finway
Changes in Tariff Structure
According to the new presidential proclamation, a 50% tariff on steel, aluminum, and copper imports remains in effect in the United States under Section 232 of the Trade Act of 1974. However, the tariff will now be calculated based on the actual price paid by American consumers rather than the value declared by importers. Previously, some suppliers deliberately undervalued their products to reduce tariff costs.
Additionally, the U.S. has eliminated the previous 50% tariff on imports of finished products made from steel, aluminum, and copper if the metal content in the product is less than 15% by weight. This applies, in particular, to products such as perfume bottles with aluminum caps or dental floss containers with steel blades.
Gradual Reduction of Tariffs for Industrial Equipment
A gradual reduction of tariffs is planned for imports of industrial and energy equipment with high metal content: from 50% to 15% by 2027. Steel manufacturers have achieved a lower rate for equipment from Germany and Italy, which will facilitate the modernization of U.S. industrial infrastructure.
Derivative products containing more than 15% steel, aluminum, or copper will now be taxed at a rate of 25%, which will be calculated on the entire value of the product, not just the metal portion. For example, washing machines or gas stoves with significant steel content will fall under this fixed rate.
At the same time, products manufactured abroad but made entirely of American-origin steel, aluminum, or copper will receive a reduced tariff rate of 10%.
“So it’s simpler, easier, and clearer. For many products, the rate will be lower. For some, it will be slightly higher, but overall everything looks acceptable,” the official noted, adding that the administration discussed the proposed changes with industry representatives and received positive feedback.