President Trump Releases Details on Steel & Aluminum Import Tariffs
Following up on his informal announcement last week, President Trump today officially released details of a plan to impose across-the-board tariffs on steel and aluminum imports with the intention of protecting U.S. domestic industries. The move has sparked concerns of higher costs and retaliatory measures by U.S. trading partners and raised the possibility of a trade war.
A 25 percent tariff will be placed on imported steel and a 10 percent tariff on imported aluminum. The action follows a year-long investigation by the U.S. Department of Commerce which found that certain imports of steel and aluminum posed a threat to U.S. national security.
The tariffs, set to take effect in 15 days, would exempt Canada and Mexico. Canada provides 16% of U.S. imported steel, the largest of any country. It is unclear with Canada’s exemption how impactful the antidumping duties will be.
Several trading partners, including the European Union, have stated they will slap retaliatory tariffs on key U.S. products in response to the administration’s action. Some congressional Republicans have urged the president to narrow the scope of the action to address concerns of key allies and not to upend recent economic gains.
The president’s action could lead to higher costs for outdoor products produced domestically that utilize steel and aluminum imports, like camping stoves, tent poles and skis and snowboards.
OIA will continue to monitor this issue closely and keep members informed of the impacts on outdoor companies.