U.S. expands 50 percent steel, aluminum tariffs to 407 more products

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U.S. expands 50 percent steel, aluminum tariffs to 407 more products

Steel products are piled up for export at a port in Pyeongtaek, Gyeonggi. [YONHAP]

Steel products are piled up for export at a port in Pyeongtaek, Gyeonggi. [YONHAP]

 
The Trump administration on Tuesday announced the addition of 407 product categories to the list of "derivative" products whose steel and aluminum content will be subject to 50 percent tariffs.
 
The U.S. Commerce Department’s Bureau of Industry and Security said the expanded list includes wind turbines and their parts, mobile cranes, bulldozers, railcars, furniture, compressors and pumps, among other items.
 

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"As a result, the steel and aluminum content of these products will be subject to a duty rate of 50 percent," the bureau said on its website.
 
Washington has already imposed 50 percent tariffs on steel, aluminum and certain derivative products under Section 232 of the Trade Expansion Act of 1962. The law allows the president to restrict imports deemed a threat to national security.
 
"Today's action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention — supporting the continued revitalization of the American steel and aluminum industries," Under Secretary of Commerce for Industry and Security Jeffrey Kessler said in a statement.
 
The addition is expected to have an impact on Korea's industry.
 
The Korea International Trade Association pointed out that U.S. imports of the added derivative products from Korea last year totaled $11.89 billion.

Yonhap
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