On Tuesday, June 3, President Trump signed a proclamation that doubled Section 232 tariffs on steel, aluminum and derivative products from 25% to 50%. The new rates took effect around midnight on June 4. There is no exemption for goods on water.
The proclamation builds on a Feb. 10 executive order that reinstated 25% tariffs on imports of steel, raised tariffs on aluminum from 10% to 25%, revoked all country exemptions and quotas, terminated all general production exclusions granted by the Department of Commerce and rescinded the department’s authority to process any new or renew any product exclusion requests.
What the National Association of Manufacturers say
In a statement sent out via email, the National Association of Manufacturers (NAM) says, "Amid ongoing trade negotiations, manufacturers continue to press for zero-for-zero tariff outcomes with top export markets, so they have the certainty they need to plan, hire and compete—while also gaining access to the globally sourced raw materials and critical minerals necessary to make things in America."
NAM President and CEO Jay Timmons has stated, “If we see more trade agreements, tax reform legislation and more regulatory certainty—as part of our comprehensive manufacturing strategy—manufacturers win. And when manufacturers win, America wins.”
