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Steel News September 22, 2020 01:00:49 AM

U.S. Cuts Brazil’s Steel Import Quota

Paul Ploumis
ScrapMonster Author
The proclamation allows the Commerce Department to grant exemptions “in certain limited circumstances.”
U.S. Cuts Brazil’s Steel Import Quota

SEATTLE (Scrap Monster): The Trump administration is reducing the amount of steel that will be allowed into the United States from Brazil this year.

Following the March 2018 announcement of 25 percent tariffs on steel imports under Section 232, the two countries reached an agreement that exempts Brazil from the tariffs in exchange for a limit on steel imports from that nation.

In an Aug. 28 proclamation, President Trump noted that, “The United States steel market has contracted in 2020” and, while “imports from most countries have declined this year in a manner commensurate with this contraction, … imports from Brazil have decreased only slightly.” As a result, the countries negotiated an agreement to cut the amount of steel the United States will import from Brazil during the remainder of 2020.

The proclamation allows the Commerce Department to grant exemptions “in certain limited circumstances.”

Courtesy: AIIS