Trump to raise steel and aluminium tariffs on hundreds of goods

More than 400 items, including wind turbines, mobile cranes, bulldozers, and other heavy equipment, will now be subject to higher steel and aluminum tariffs from the US Commerce Department, along with furniture, furniture, and hundreds of other items.

On Tuesday, the government agency made the new development public.

The department reported that 407 “derivative” steel and aluminum products are being added to the list of “derivative” steel and aluminum products that are subject to sectoral tariffs, with a 50% tariff on any steel and aluminum products that contain these items.

The department is also lowering the new tariffs for electrical steel needed for electric vehicles and imported parts for automotive exhaust systems.

A group of foreign automakers had urged the US to refrain from adding the components, claiming domestic domestic demand was insufficient to handle the current demand.

Compressors and pumps are included in the new tariffs, which go into effect right away.

According to Under Secretary of Commerce for Industry and Security Jeffrey Kessler, “Today’s action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention.” This will help the American steel and aluminum industries continue to grow.

Cleveland-Cliffs, a group of steelmakers, had petitioned the administration to increase the tariffs to include additional aluminum and steel auto parts.

Trump has imposed a 10% tariff on almost all of its trading partners since taking office, as well as varying higher tariffs on dozens of economies, including Japan and the European Union.

These country-wide tariff levels were not applied to certain industries, but they were instead subject to even higher duties from various authorities.

Some businesses have already been forced to raise prices as a result of higher tariffs. Home Depot announced on Tuesday that it would need to raise prices for imported goods it sells in the wake of its earnings report.

On a Tuesday conference call, Home Depot’s Chief Financial Officer Richard McPhail stated that “some categories will experience moderate price movement.”