On March 8, 2018, US president Donald Trump issued two proclamations to adjust US imports of aluminum and steel from all countries except Canada and Mexico, key regional allies and trade partners. President Trump asserted that a 25 percent tariff on steel “articles” and a 10 percent tariff on aluminum articles are necessary for the US to develop its domestic steel and aluminum industries and to protect and create jobs.
The US government will potentially collect $7.4 billion a year from the new tariffs, according to the definitions specified in the presidential proclamations and data from the United Nations Statistics Division.
The winners and losers among US trading partners vary based on the specific articles.
Steel articles. The top 5 exporters of steel articles to the US are Canada, the Republic of Korea, Mexico, Japan, and Brazil, however, article-by-article trade dynamics modify the impact of the tariffs.
Aluminum articles. Canada is also among the top 5 exporters of aluminum articles to the US, joined by China, Russia, the UAE, and Mexico.
First River has provided strategy consulting services to the steel industry and those with an interest in it since 1998. Thanks to a new technology partnership with Knoema, you can now share First River’s charts, subject focused dashboards and insights to improve your understanding of the steel industry around the world.
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