The United States is temporarily adjusting Section 232 tariffs on steel, aluminum and copper imports, namely reducing the rate charged for certain agricultural and industrial goods, according to a proclamation signed by President Donald Trump on Monday.
Starting June 8, agricultural equipment such as combines and harvesters will face a 15% tariff, down from a 25% rate Trump set for a slew of derivative steel and aluminum products in April. The 15% tariff rate will also apply to certain residential HVAC systems and components, per the proclamation.
“In my judgment, this modification appropriately accounts for these products’ roles in productive economic activity in the United States and accounts for recent circumstances affecting the relevant industries and services that use these products,” Trump said in the document.
Trump also added aluminum lithographic plates and steel racks to the list of derivative products that qualify for the 25% tariff rate he set in April.
Meanwhile, the U.S. is expanding the list of industrial goods that qualify for a reduced 15% tariff. Effective June 8, the rate will apply to mobile equipment such as bulldozers and forklifts imported from trading partners with which the U.S. has reached trade agreements since Trump returned to office, including the European Union, Japan and South Korea.
