US Expands Scope of 50% Tariffs on Steel and Aluminum; Effective from the 18th

 Workers assembling steel products at a construction site in Maine, USA. [AP=Yonhap News. Reproduction and DB prohibited]

(Seoul=Yonhap News) Reporter Kim A-ram = The US Donald Trump administration announced on the 15th (local time) that it would significantly expand the scope of 50% tariffs on steel and aluminum imports.

The US Department of Commerce stated in a Federal Register notice that day that the Bureau of Industry and Security (BIS) would add 407 product codes to the Harmonized Tariff Schedule of the United States (HTSUS).

As a result, derivative products containing steel and aluminum have been additionally designated as subjects of tariff imposition.

Furthermore, the Department of Commerce added that for components not containing steel or aluminum, the existing tariff rates imposed by President Trump on a country-by-country basis would apply.

Tariffs on the items newly subject to tariffs will take effect on the 18th.

The United States has been imposing a 50% item tariff on steel and aluminum products since June 4th.

Earlier, President Trump told reporters on Air Force One en route to Alaska for a summit with Russia that day, "We will set tariffs on steel and semiconductors next week and the week after."

rice@yna.co.kr

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