Trump lowers some tariffs on steel, aluminum and copper imports

U.S. President Donald Trump on Monday signed a proclamation amending his Section 232 national security tariffs on some aluminum, steel and copper imports, the White House said.

The proclamation lowers tariffs on some steel and aluminum derivative products, including certain types of agricultural machinery and residential heating, air conditioning and ventilation equipment to 15 per cent from 25 per cent previously.

It makes mobile industrial equipment, such as bulldozers and forklifts, subject to a 15 per cent tariff “when imported from trade deal countries that are entitled to such treatment,” the White House said in a statement.

The order also allows foreign companies to qualify for a 10 per cent tariff if “their capital equipment includes at least 85 per cent U.S. melted and poured or smelted and cast steel or aluminum by weight.”

The order adds two new categories of steel and aluminum derivative import products that will be subject to 25 per cent duties: steel racks and aluminum lithographic plates.

The adjustments will become effective for goods imported or withdrawn from bonded warehouses after 12:01 a.m. eastern time on June 8.

The changes will remain in place until Dec. 31, 2027 “to spur near–term investments that will rebuild the Nation’s industrial base,” the White House said.