On Sunday, February 9, 2024, President Trump announced to a group of reporters aboard Air Force One that he intended to impose universal tariffs of 25 percent on all imports of steel and aluminum into the United States on Monday, February 10. President Trump also indicated that he intends to announce a regime of “reciprocal tariffs” later in the week that would go into effect “almost immediately.”
Imported steel from many sources already is subject to existing tariffs of 25 percent pursuant to Section 232 of the Trade Expansion Act of 1962 that President Trump imposed in 2018 during his first term. Imported aluminum from many sources also is subject to Section 232 tariffs of 10 percent. However, through negotiations, Canada, Mexico, and Australia secured exemptions from the existing Section 232 tariffs during President Trump’s first term. President Trump also granted other countries, including Argentina, Brazil, and Korea, hard quotas for steel imports in lieu of tariffs under the existing Section 232 measures. The European Union, the United Kingdom, and Japan secured tariff-rate quota (“TRQ”) regimes under the Biden Administration that allowed in-quota amounts to enter free of Section 232 duties. Finally, under the existing Section 232 regime, affected domestic parties (including importers) may apply for and receive product exclusions.
The President reportedly indicated that any steel and aluminum coming into the United States “is going to have a 25 percent tariff,” potentially indicating that the existing country-specific TRQs, hard quotas, and product exclusions may not remain in place. The President indicated that an official announcement is to come on Monday. It is expected that additional details will emerge at that time.
Regarding the “reciprocal tariffs,” the President did not provide any further details beyond what has been previewed previously. The President indicated that the tariffs would be announced on Tuesday, February 11 or Wednesday, February 12, and would go into effect “almost immediately.”
The Husch Blackwell International Trade team is monitoring developments closely and will report back with further details, including analysis of any substantive announcements made, as they emerge.