Tariff Update
After President Trump announced the increased tariffs on imported steel and aluminum from 25% to 50% during a visit to US Steel in West Mifflin, PA on May 30th, those increases officially went into effect on June 4th at 12:01AM. The US imported over 26 million metric tons of steel and 5 million metric tons of aluminum in 2024 according to the International Trade Administration, with Canada being the biggest foreign source for both metals. Tariffs on steel and aluminum imports from the United Kingdom will remain at 25% for the time being, with possible changes or quotas starting July 9, 2025, depending on the status of the US - UK Economic Prosperity Deal.
The Trump administration continues it's attempts to reduce America's reliance on foreign imports. This increase follows the administration imposing 25% tariffs on steel and aluminum in February, citing national security concerns. While the new tariffs have the support of the nation's largest steel producers, most experts believe that the tariffs will raise the cost of downstream manufacturing on a wide range of products, making products made from steel and aluminum more expensive. Consumers are expected to see significant price increases on everything from cars to home appliances to beer and soda cans.
Markets and manufacturers still await further information on the Trump administration's reciprocal tariffs officially announced during "Liberation Day" on April 2nd. These tariffs were imposed at varying rates on most of the nations of the world. As the administration continues to hold talks with various nations on potential trade deals, the pause that was instituted on those tariffs on April 10th is due to expire on July 9th.
How are the tariffs affecting your business? NFFS wants to know! Please fill out this short survey to provide information on how the Trump administration tariffs are impacting your foundry - https://www.surveymonkey.com/r/NYQKKFQ