Trump Amends Steel, Aluminum, Copper Tariffs

US President Donald Trump signed a proclamation amending Section 232 national security tariffs on certain aluminum, steel, and copper imports. The proclamation reduces tariffs on some steel and aluminum derivative products, including agricultural machinery and residential HVAC equipment, from 25% to 15%. It also subjects mobile industrial equipment like bulldozers and forklifts to a 15% tariff when imported from trade deal countries. Additionally, foreign companies can qualify for a 10% tariff if their capital equipment contains at least 85% U.S. melted and poured or smelted and cast steel or aluminum by weight. The order also adds new categories, steel racks and aluminum lithographic plates, to be subject to 25% duties. These changes, effective June 8 and lasting until December 31, 2027, are intended to spur near-term investments, rebuild the nation's industrial base, and provide relief to American farmers facing rising costs.