FX.co ★ Trump Broadens 50% Tariffs on Steel, Aluminum Products

The Trump administration has broadened its 50% tariffs on steel and aluminum imports to include an extensive range of additional products. According to a notice published by the Commerce Department's Bureau of Industry and Security in the Federal Register on Friday, 407 new product codes have been incorporated into the U.S. Harmonized Tariff Schedule. These products are now subjected to tariffs based on their steel and aluminum content. The notice also specified that components not made of steel or aluminum will continue to be subject to existing tariff rates applicable to goods from particular countries. The increased tariffs are set to be implemented today, August 18. President Trump announced to reporters that he intends to make further declarations regarding steel tariffs, in addition to introducing new tariffs focused on semiconductor imports.