Adjusting Imports of Aluminum and Steel Into the United States
1. Purpose
Proclamation 10947 addresses the need to adjust import tariffs on aluminum and steel due to their implications on national security, aiming to protect domestic industries.
2. Key Actions And Directives
- Implement New Tariffs: Increase tariffs to 50% ad valorem on steel and aluminum imports effective June 4, 2025.
- Monitor Import Compliance: The Secretary is mandated to continue monitoring imports of steel and aluminum relative to national security.
- Special Provision for UK Imports: Maintain tariff rates at 25% ad valorem for certain imports from the UK, with potential adjustments post-July 9, 2025.
3. Important Points
- National Security Investigation: The Secretary's review under section 232 highlighted the impact of steel imports on national security, prompting tariff increases.
- Historical Context: Previous proclamations had already set tariffs, establishing a precedent for ongoing adjustments based on security assessments.
- Consequences for Importers: Failure to comply with reporting requirements on steel and aluminum content could result in severe penalties, including criminal liability.
- Foreign Trade Zone Consideration: Goods entered prior to the new tariffs will be subject to the rates in effect at that time, protecting pre-existing agreements.
Disclaimer: ExecBrief's are AI generated, Please verify with the original source to confirm
Click here to provide feedback to help us improve your experience!
Comments