This Morning in Metals: U.S. Launches Section 232 on Auto Imports

This morning in metals news, the U.S. this week announced a new Section 232 probe investigating automotive imports, the specter of auto tariffs looms over Europe and Asia, and Mexico’s economy minister opines on the chances of a deal on the North American Free Trade Agreement (NAFTA) before the July Mexican presidential election.
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Section 232 Redux

If you decided you had heard enough about Section 232, well, buckle up.
Earlier this week, the U.S. Department of Commerce announced it had launched, at the direction of President Trump, a new Section 232 probe of automotive imports. The statute is pursuant to the Trade Expansion Act of 1962, which the administration used to investigate aluminum and steel imports (on which the administration ultimately placed tariffs of 10% and 25%, respectively, in March).
“There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry,” Secretary of Commerce Wilbur Ross said in a release announcing the decision. “The Department of Commerce will conduct a thorough, fair, and transparent investigation into whether such imports are weakening our internal economy and may impair the national security.”
According to Commerce, in the last two decades the percentage of cars sold in the U.S. that were imported has risen from 32% to 48%.