Trump says he signed proclamation to adjust tariffs on aluminum imports
Companies approved by the Commerce Department can cut the tariff to 25% if they commit to build or expand U.S. aluminum plants.
- On Monday, President Donald Trump announced a plan to cut tariffs on imported aluminum to about 25% from 50% for companies that invest in expanding or refurbishing domestic production facilities.
- Insufficient domestic capacity and reliance on imports from Canada and the Middle East remain high due to insufficient domestic capacity, exacerbated by the punitive 50% tariff that increased regional price premiums by nearly 100%.
- Seeking to revitalize the industry, the administration's new incentive program requires companies to submit onshoring plans for expanding or refurbishing plants to qualify for the reduced tariff rate.
- Prices on the London Metal Exchange settled at $3,140 per metric ton as the domestic sector has dwindled to four operating plants, down from 23 in 2000.
- Trump cited Section 232 of the Trade Expansion Act to justify the modification, with the Commerce Secretary's view that "it is important to modify the aluminum tariff regime" to encourage domestic production.
23 Articles
23 Articles
Trump Signs Proclamation to Adjust Tariffs on Aluminium Imports Amid National Security Concerns
Get latest articles and stories on Business at LatestLY. US President Donald Trump has signed a proclamation under Section 232 of the Trade Expansion Act of 1962 to adjust aluminium imports, citing national security concerns and seeking to boost investment in the domestic aluminium industry, according to a White House statement. Business News | Trump Signs Proclamation to Adjust Tariffs on Aluminium Imports Amid National Security Concerns.
The rate of duty for the import of aluminium into the USA is at 50 percent. Now the government offers manufacturers a discount: if they produce more in the USA.
Trump Establishes Tariff Break for Firms Building America’s Primary Aluminum Capacity
President Donald Trump on Monday directed the Commerce Department to launch an incentive program designed to increase U.S. production of primary aluminum, a metal the administration considers to be in short supply despite national-security tariffs already in place. The action, under Section 232 of the Trade Expansion Act of 1962, means the secretary of commerce may solicit and approve “onshoring plans” from companies that pledge to build new pr…
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