Trump issues proclamation to lower some steel, aluminum and copper tariffs

Trump issues proclamation to lower some steel, aluminum and copper tariffs

Effective June 8, tariffs on some steel, aluminum derivatives will go from 25% to 15%

U.S. President Donald Trump on Monday signed a proclamation to amend his ‌Sect. 232 national security tariffs on some aluminum, steel and copper imports, the White House said.

Effective June 8, tariffs on some ​steel and aluminum derivative products, including ​certain types of agricultural machinery and residential heating, air conditioning and ventilation equipment, will be lowered from 25 per cent to 15 per cent.

The order says mobile industrial ⁠equipment, such ⁠as bulldozers and forklifts, ‌will be subject to a 15 per cent tariff "when imported from trade deal countries that are entitled to such treatment," the White House said in a statement.

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The order will also allow foreign companies to qualify for a 10 per cent tariff if "their capital equipment includes at ‌least 85 per cent U.S. melted and poured or smelted and cast steel or aluminum by weight."

Two new categories of steel ​and aluminum derivative import products will be subject to ⁠25 per cent duties: steel racks and aluminum lithographic plates.

The ⁠adjustments will become effective for goods imported or withdrawn ⁠from ⁠bonded warehouses ​after 12:01 a.m. ET on June 8.

The changes ​will remain ⁠in place until Dec. 31, 2027, "to spur near–term investments that will rebuild the Nation’s industrial base," the White House said.