President Trump announced plans to approve tariffs on both steel and aluminum products pursuant to Section 232 of the Trade Expansion Act of 1962. According to his meeting earlier today with top steel and aluminum executives, the U.S. will impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum for a “long period” amount of time.
The President has yet to specify any country exemptions, nor did he discuss the process to exclude certain products from the scope. The official announcement is expected to be formally signed and released next week.