President Trump signed an executive order on Feb 10, 2025 that does the following:
- Reinstatement of Tariffs: It reimposes the 25% ad valorem tariff on steel articles and derivative steel articles from countries that were previously exempted or had alternative agreements with the U.S. These countries include Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom. This goes into effect on March 12, 2025.
- Termination of Ukraine Exemption: The temporary exemption for steel imports from Ukraine is terminated, also effective March 12, 2025.
- Expanded Tariff Coverage: The tariff is expanded to cover additional derivative steel articles, with exceptions for those processed in another country from steel melted and poured in the U.S.
- End of Product Exclusions: The process for granting product-specific exclusions from the steel tariffs is terminated immediately.
The goal is to reduce imports, encourage domestic production, and address excess global steel capacity, particularly from China.