The Trump administration expanded its trademark steel and aluminum tariffs to cover certain imported nails, staples, electrical wires and some downstream parts that go into automobiles and tractors, among other products. Some imports of derivative aluminum products would be subject to an additional 10% duty, while some derivative steel products would be slapped with a 25% tariff, he said. Argentina, Australia, Canada and Mexico were exempted from the additional aluminum tariffs. As for the steel tariffs, exemptions were allowed for Brazil, Argentina, Canada, Australia, Mexico and South Korea. While imports of aluminum and steel have declined since the Trump administration imposed levies, some derivative products “have significantly increased since the imposition of the tariffs and quotas," according to Trump’s proclamation.

Source: Mint January 25, 2020 03:11 UTC