In a move aimed at protecting national security, President Donald J. Trump has reinstated tariffs on steel and aluminum imports from several countries, citing concerns over the importation of materials that pose a threat to the domestic industry.
On June 18, 2018, the President signed Proclamation 9778 to impose tariffs on imports of steel and aluminum from various countries. However, after a thorough review, the President determined that certain countries had taken sufficient measures to address the national security concerns related to the importation of these materials.
Tariff Restoration
On August 18, 2020, the President signed Proclamation 10052, which restored tariffs on imports of steel and aluminum from Argentina, Australia, Brazil, Canada, China, Costa Rica, Egypt, India, Indonesia, Malaysia, Mexico, Morocco, Norway, Philippines, Russia, South Africa, South Korea, Switzerland, Thailand, Turkey, Ukraine, and Vietnam. The tariffs were reinstated to ensure that these countries continue to take necessary measures to address the national security concerns related to the importation of steel and aluminum.
Tariff restoration refers to the process of reinstating tariffs, or taxes on imported goods, that were previously removed.
This can occur due to various reasons such as trade agreements being renegotiated or terminated, changes in government policies, or retaliatory measures against other countries.
According to a report by the World Trade Organization (WTO), over 50% of global tariff lines have been subject to restoration since 2016.
Tariff restoration can impact international trade, leading to increased costs for consumers and businesses.
Key Provisions
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Tariffs on imports of steel and aluminum from certain countries have been restored.
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The tariffs are intended to protect national security by addressing the importation of materials that pose a threat to the domestic industry.
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The President has determined that certain countries have taken sufficient measures to address the national security concerns related to the importation of steel and aluminum.
Implementation
The restoration of tariffs will be implemented in accordance with the applicable laws and regulations. Importers are advised to review the relevant documentation and ensure compliance with the tariff requirements.
