U.S. Expands Steel and Aluminum Tariffs to Over 400 Products

The U.S. Commerce Department has announced a significant increase in tariffs on steel and aluminum products, affecting over 400 categories of goods. These include pivotal items like wind turbines, mobile cranes, and railcars. In addition, imported parts critical for automotive exhaust systems and electric vehicle manufacturing now fall under this expanded tariff regime.

Despite opposition from foreign automakers worried about domestic capacity strains, the Department has pushed forward with these measures. The intention is to curb circumvention and further the revitalization of the American steel and aluminum sectors, a move welcomed by industry players such as Cleveland Cliffs.

Effective immediately, the tariffs aim to protect and support U.S. industrial interests while facing mixed reactions from various stakeholders within the global supply chain. The policy adjustment marks a notable moment in the ongoing trade strategies employed by the U.S. in recent years.

(With inputs from agencies.)