US Implements 50% Tariffs on 400+ Steel, Aluminum Products

The U.S. government has expanded steel and aluminum tariffs to cover more than 400 additional products, including wind turbines, mobile cranes, appliances, railcars, and electric vehicle components, with a 50% tariff on the steel and aluminum content of these goods. This move aims to close loopholes and prevent circumvention of existing tariffs, supporting the revitalization of the American steel and aluminum industries. The new tariffs take effect immediately and also cover items such as compressors, pumps, and metal packaging for cosmetics and personal care products. Despite the broad tariff expansion, data processing machines (computers) from Mexico, a significant U.S. import category that has seen rapid growth, were notably excluded, reflecting a selective approach to trade protectionism. Industry groups, including some foreign automakers and Tesla, have expressed concern about the inclusion of certain automotive and electric vehicle parts, citing insufficient domestic production capacity. The tariff increase is expected to raise the overall effective tariff rate on imports by about one percentage point, covering an estimated $200 billion in goods.