In the current tit for tat environment that overhangs international trade, below is an update regarding the 232 tariffs on steel and aluminum, the 301 tariffs related to China’s intellectual property rights and other business practices, and the 232 tariffs threatened on automobiles and parts.
Steel and Aluminum Tariffs:
As everyone by now knows, effective March 23, 2018, the U.S. imposed a 25% tariff on selected steel products and a 10% tariff on selected aluminum products. The basis for this action was a finding by the Dept. of Commerce that foreign competition had essentially undermined U.S. steel and aluminum production capabilities and so triggered national security concerns. In this context national security equates to economic security. The shorthand reference in this context is 232, the section of the law -The Trade Expansion Act of 1962 – under which the Administration acted. (more…)