NEWSBREAK: US to impose 232 tariffs against EU, Canada and Mexico [UPDATED]

The United States will impose Section 232 tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union, US Commerce Secretary Wilbur Ross announced on a call with reporters on Thursday May 31.

The tariffs will go into effect at 12:01 am on Friday June 1. The Section 232 tariffs on imported steel and aluminium, originally announced by President Donald Trump on March 1 during a meeting with steel and aluminium executives, followed harsh recommendations from Ross as part of the Commerce Department’s Section 232 investigation. Prior to Thursday's announcement, the US had granted temporary exemptions from the tariffs to Canada, Mexico and the EU. Those exemptions, last extended on April 30, are set to expire at midnight Friday. Initial outlook for steel positive Investment bank Jefferies sees the tariffs having a net positive impact on US steel prices. “We see it probable US steelmakers will raise domestic steel prices further, or at a minimum sustain current levels longer than the market previously anticipated, given import constraints stemming from 232,” analysts said on Thursday. “We continue to see negotiated quotas as a most likely long-term...

Published

Patrick Fitzgerald

May 31, 2018

21:15 GMT