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Market
How will the new U.S. tariffs on steel and aluminum imports via Mexico affect U.S. import sources by the end of 2024?
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Resolution / Starting Odds
Increased imports from Canada • 25%
Increased imports from Europe • 25%
Increased imports from Asia (excluding China) • 25%
No significant change • 25%
U.S. Customs and Border Protection data or verified trade statistics
Story
Biden Administration Imposes New Tariffs on Steel and Aluminum Imports via Mexico on Wednesday
Jul 10, 2024, 01:22 PM
The Biden administration has announced new tariffs on steel and aluminum imports routed through Mexico to prevent China from circumventing existing U.S. levies. The new measures, announced on Wednesday, require that aluminum imports from Mexico must not contain primary aluminum smelted or cast in China, Russia, Belarus, or Iran to avoid a 10% Section 232 tariff. Additionally, steel products imported from Mexico must be melted and poured in North America to avoid a 25% tariff. The U.S. and Mexico are collaborating to implement these steps to thwart the circumvention of U.S. tariffs by China and other countries. The tariffs will target foreign-made steel and aluminum.
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