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

The U.S. Commerce Department announced a significant hike in steel and aluminum tariffs on Tuesday, impacting over 400 products, including wind turbines, mobile cranes, and heavy equipment. The expanded list now includes 407 product categories, with a 50% tariff applied to steel and aluminum components of these products.

According to a research note from Evercore ISI, the new tariffs encompass product codes representing over $200 billion in imports, raising the effective tariff rate by approximately 1%. The hike also covers components essential for electric vehicles, buses, and household appliances, sparking concern among foreign automakers.

Despite petitions against the tariff expansion from companies like Tesla, the Commerce Department implemented the new measures immediately. The action aims to bolster the American steel and aluminum industries by closing loopholes and enhancing industry security, as noted by Under Secretary Jeffrey Kessler.

(With inputs from agencies.)