Industry News: Steel and Aluminum Tariffs Announced
The steel and aluminum tariffs that were in discussion during February were formalized on March 8th. The tariffs enacted are a 25% tariff on steel imports and a 10% tariff on aluminum imports. There are countries excluded from these tariffs, including NAFTA members Canada and Mexico. In addition, Australia was later announced as being excluded as well. Further exclusions will be taken into consideration on a case by case basis. The steel and aluminum tariffs will go into effect tomorrow, March 23rd. For some more detailed information on the import tariffs check out our latest post, “Steel and Aluminum Tariffs Formalized.” Included is information on where the U.S. gets its steel, global outlook and the affect of tariffs on automakers and consumers of the metals.
Aluminum Prices Recent Multi Year Highs
It will be interesting to see if the 10% aluminum tariff has a significant effect on the recent highs of the market. Since the low point of the last 5 years near the end of 2015 and beginning of 2016 the aluminum market has steadily increased to a five year high point at the start of 2018. From that low point, the average price per ton of aluminum has risen nearly 50%.