On August 29, 2018, the President of the United States signed a proclamation allowing for targeted relief from quotas on steel from Argentina, Brazil, and South Korea and aluminum from Argentina, imposed under Section 232. Importers can apply for product exclusions based on insufficient quantity or quality available from U.S. steel or aluminum producers.
The Section 232 steel and aluminum investigation earlier this year determined that the United States national security was being threatened because of the quantity and circumstances for which steel and aluminum were being imported into the United States. On March 8, 2018 the U.S. acted by placing a 25% tariff on steel imports and a 10% tariff on aluminum imports. The tariffs went into effect on March 23. After negotiations, quotas were placed on steel imports from Argentina, Brazil and South Korea and aluminum from Argentina, in lieu of tariffs. Businesses are permitted to import steel and aluminum product from these countries above and beyond the quota limit, if they pay the additional 25% tariff.
Businesses could previously only file for exclusion from the tariffs. The recent proclamation now allows importers to file for an exclusion from the quotas as well. If an exclusion is granted for the quota, the importer is also granted an exclusion from related tariffs.
For additional information, contact your local MIQ Logistics representative.