The US Commerce Department is implementing new tariffs on 407 product categories, including heavy equipment and automotive parts. A 50 percent tariff will be applied to the steel and aluminum content of these products. Concerns arose from foreign automakers about parts for automotive exhaust systems, warning about the lack of domestic capacity. The initiative is intended to bolster the American steel and aluminum sectors, responding to demand from domestic manufacturers. Some companies are already feeling the impact, as they plan price hikes due to these increased tariffs.
The United States Commerce Department will impose new tariffs on over 400 products, including wind turbines, mobile cranes, and automotive parts, effective immediately.
The tariffs include a 50 percent levy on the steel and aluminum content of various products, expanding the existing trade protections.
Foreign automakers have expressed concerns over new tariffs, particularly regarding automotive exhaust system parts, citing insufficient domestic capacity to meet existing demand.
The move aims to support the American steel and aluminum industries and has already prompted some businesses to increase prices.
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