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U.S. tightens tariffs on steel-aluminum imports, imposes high tariffs on new items

nabil bank

Washington. An additional 407 types of goods, including aluminium or steel, have been taxed at 50 percent, the U.S. Department of Commerce said on Tuesday.

According to the new decision, the tax under ‘Section 232’ on steel and aluminium imports has been extended, which will cover hundreds of products including mobiles, cranes, bulldozers, train coaches, furniture, compressors, pumps.

Customs agents and importers have been affected as the decision has been implemented relatively quickly.

Jeffrey Kessler, undersecretary of state and security at the U.S. Department of Commerce, said: “Today’s move will expand the scope of steel and aluminum tariffs to prevent potential abuse and strengthen U.S. industries.” ’

It is said that the government has provided the details of the affected goods only through the customs code, so there may be some difficulty for the general public to understand for sure.

At the end of July, President Trump announced a 50 percent tariff on copper-based products, which has come into effect from August 1.

According to experts, such sector-specific tariffs are likely to increase costs in industries such as construction, automobiles and electronics. According to a CNN analysis, tariff hikes could affect the supply chain itself.

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