With the release of the Annexes to the Presidential Proclamation issued late Friday, January 24, we now know that only the products noted in the proclamation have been added to the steel tariff coverage. While the proclamation outlined the criteria for coverage – that criteria was applied only to nails and bumper stampings. Nail products imported under the following HTS codes will now require a 25% duty:
The criteria for Inclusion was outlined in the proclamation:
- Steel is on average, 2/3 or more of the total cost of materials of the product
- Import volumes began increasing since June 1, 2018, as compared to the previous 2 years
- Import volumes exceed 4% increase
We will be discussing these developments with Commerce Department officials and other organizations working on this issue. Make sure your company concerns are heard – if you have not registered for the Annual Meeting, we hope you will decide to attend.