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Aluminum March 13, 2018 02:30:59 PM

Bill to Overturn Steel, Aluminum Tariffs Introduced in US Senate

Paul Ploumis
ScrapMonster Author
Apart from granting exemption to NAFTA partners Canada and Mexico, Trump administration yesterday had stated that Australia, key supplier of flat-rolled steel products to the US, will also be exempted from the Section 232 tariffs on steel and aluminum imports.

Bill to Overturn Steel, Aluminum Tariffs Introduced in US Senate

SEATTLE (Scrap Monster): Republican Senator Jeff Flake of Arizona has introduced a bill in the US Senate that calls for nullification of tariffs imposed on imported steel and aluminum into the country.

Speaking on the Senate floor, Flake warned that Trump’s steel and aluminum tariffs would hurt the US economy and lead to job losses, if implemented. He also noted that the country is at the risk of losing all the gains it has gained so far, in the event of entering into trade wars with world countries. Further, he urged his colleagues to exercise their constitutional rights to nullify the irresponsible tariffs. Several trade associations and organizations have also raised protests over the proposed high tariffs.

Meantime, the chances of getting the legislation passed by the Senate are very remote. Several senior GOP Senators, who had earlier expressed opposition to the tariffs, now believe that a legislation to nix them is not necessary as the President himself has expressed his willingness to grant exemptions. Senate Majority Leader Mitch McConnell too has not expressed any interest in the legislation.

ALSO READ: Import Tariffs to Cost More Than 5 Jobs For Every 1 Created

Apart from granting exemption to NAFTA partners Canada and Mexico, Trump administration yesterday had stated that Australia, key supplier of flat-rolled steel products to the US, will also be exempted from the Section 232 tariffs on steel and aluminum imports. In addition, the EU has announced that it will conduct trade negotiations with the US to secure exemption for the UK. Also, Trump has promised to evaluate Argentina’s request to exempt that country from any restrictive measure including tariffs that are likely to impact steel and aluminum exports into the US.

The Presidential proclamation implementing 25% ad valorem tariff on imports of steel and 10% tariff on imports of aluminum are due to take effect on March 23.

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