ace steel supply 232 tariffs

232 Tariffs Retaliation

Section 232 tariffs have been implemented against shipments from Canada, Mexico and the European Union. Canada has already put in place retaliatory actions against the US.

Steel prices have remained mostly flat while the market assesses the impact of the tariffs. The 25% tariff on steel imports went into effect on Friday June 1.

CME Group steel futures indicate that steel prices are expected to move higher in the short term.

Mexico, Canada and the EU have already threatened to retaliate against a host of US exports.

Canada is the United States’ largest trading partner and the largest market for US exports, as indicated by the US Census Bureau. Canada is the top destination for US steel exports.

Effective July 1, the Canadian government will place a 25% tariff on US steel exports.

Along with his effort to strengthen the United States Steel industry, the president has promised to spend $1 trillion on US infrastructure.

“Washington spent trillions building up foreign countries while allowing OUR OWN infrastructure to fall into a state of total disrepair,” Trump said in a tweet on March 29. “No more! It’s time to REBUILD, and we will do it with American WORKERS, American GRIT, and American PRIDE!”

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