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ST&R Trade Advisory: Latest Update on Steel and Aluminum Tariffs
The following analysis was provided by NCBFAA Legislative Advisor Nicole Bivens Collinson of Sandler, Travis & Rosenberg, P.A.
Sandler, Travis & Rosenberg, P.A. (ST&R) notes that the section 232 steel and aluminum tariffs on Canada will NOT/NOT be increased to 50% according to Commerce Secretary Howard Lutnick who was negotiating with the Canadians, after the Premier of Ontario suspended his 25% surcharge on electricity exports to the U.S. (Note that we have not seen a social post from the President yet to confirm this as fact, so right now, we have only these news reports to go on.)
All the foregoing notwithstanding, as of the writing of this email this evening, the steel and aluminum tariffs on Canada remain at 25%, effective tomorrow, March 12.
IN ADDITION, the Commerce Department also issued a notice that will be published on March 14, certifying “that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for the covered articles.” Thus, the steel and aluminum derivatives classified outside of HTS chapters 73 or 76 can be assessed the duties.
It is not clear if the effective date will be March 12, along with the other products, or if the effective date will be the date of public notice – which would be the date of publication in the Federal Register – or March 14.
We will await the Cargo System Messaging Service (CSMS) message from Customs and Border Protection (CBP) to the ports to give more information on the start date and will share that when we have it.
My apologies for the Talladega Nights, “I’m on fire,” email, but we are trying to provide you with updated information as soon as possible and right now, trade policy is changing by the hour.
Please stay tuned.
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Meanwhile, NCBFAA will continue to keep our members updated about the U.S. tariffs through the Monday Morning eBriefing and eblasts, and a dedicated IEEPA Tariffs webpage on our website.
Attention: The Monday Morning eBriefing (MMeB) and other communications of the NCBFAA are the exclusive property of the Association. Unauthorized use by any person or firm which is not a member in good standing is strictly prohibited.
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