NEWS

Trade Tensions Rise as U.S. Extends Section 232 Tariffs on Steel
Time : 2024-04-07
Trade Tensions Rise as U.S. Extends Section 232 Tariffs on Steel

The U.S. Department of Commerce has extended Section 232 tariffs (25% on steel imports) for another two years, citing national security concerns. The decision has sparked criticism from trading partners, with Canada, Mexico, and South Korea threatening retaliatory tariffs on U.S. goods. Steel associations in these countries argue the move violates free-trade agreements and exacerbates global inflation. Domestically, U.S. steel producers welcome the extension, but downstream manufacturers warn of higher costs for construction and automotive sectors.