Three years have passed since former President Donald Trump imposed Section 232 tariffs on steel and aluminum.
The administration cited national security concerns when imposing the tariffs. In addition, it aimed to raise capacity utilization of the US steel and aluminum sectors. (For the week ending March 20, US mills reached a steel capacity utilization rate of 77.3%.)
Some countries received exemptions and domestic buyers have been able to win exclusions, which have mitigated the strength of the tariffs.
Metals consumers have expressed their opposition to the tariffs. For example, the Coalition of American Metal Manufacturers and Users (CAMMU) called for an end to the tariffs last year, citing the negative economic impact of the COVID-19 pandemic.
However, a recent review of the tariffs offered a more positive view.
The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.
EPI: Section 232 tariffs produced ‘near-immediate benefits’
According to a recent report this week by the Economic Policy Institute (EPI), the Section 232 tariffs offered “near-immediate benefits.”