New Steel and Aluminum Tariffs-Section 232
On Thursday, March 1, 2018 President Trump announced that there will be tariffs imposed on imports of steel (25%) and aluminum (10%) to the United States. These tariffs are based on Section 232 of a 1962 law that allows safeguards based on “national security”.
What is Section 232?
A Section 232 investigation is conducted under the authority of the Trade Expansion Act of 1962. The purpose of the investigation is to determine the effect of imports on the national security. The last time Section 232 tariffs were used was in 1975 by President Ford on foreign oil imports.
How will this affect Metal Sales?
We will not know the true impact of these tariffs until we learn if there will be exemptions allowed for either countries or products. It is likely that Metal Sales will experience increases in the raw material costs from both foreign and domestic sources of supply. But, Metal Sales has strong relationships with our foreign and domestic sources for steel and aluminum and is uniquely positioned to adequately service the marketplace during volatile market situations like this. These types of tariffs typically increase the overall cost associated with metal wall and roof systems.
We will continue to keep you notified of any further information as it is made available to us.
Thank you for your continued loyalty to our products, our services and our brand. We look forward to servicing you in 2018.