Cleveland-Cliffs Applauded Expanded Section 232 Steel, Aluminum Tariffs

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. applauded the decision by the U.S. Department of Commerce to expand the list of goods subject to Section 232 tariffs on steel and aluminum imports.

Hundreds of products, such as electrical steel laminations and cores and specific stainless steel automobile exhaust parts, were added to the list of goods that will be subject to 50% taxes by the U.S. Customs and Border Protection (CBP) bulletins. It stated that duties would apply to the steel content of certain products.

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In a statement, Cleveland-Cliffs Chairman, President, and CEO Lourenco Goncalves praised President Donald Trump and Secretary of Commerce Howard Lutnick for their prompt and decisive actions that will discourage tariff evasion in products made from electrical steel and stainless steel derivatives. He noted that the measure ensures unfairly traded steel contained in derivative products won't harm the home American market.

Although imports of steel and aluminum from the majority of nations are subject to a 50% rate, the United States has imposed a 25% levy on similar imports from the United Kingdom, according to the CBP bulletin.

At least $320 billion worth of imports are thought to be impacted by the Trump administration's steel and aluminum tariffs.