By now, the world is familiar with the fallout from President Donald Trump’s Liberation Day. On April 2, he signed an executive order that imposed a baseline tariff rate of 10%, as well as higher rates for dozens of other countries, some reaching as high as 50%. Empowered by the International Emergency Economic Powers Act of 1977, Trump cited the country’s large and persistent trade deficits as a national emergency.
Imported steel and aluminum and their derivatives, such as semifabricated structural steel, are not subject to the reciprocal tariffs because they are already subject to Section 232 tariffs. Those tariffs date back to the first Trump administration but were subject to many exclusions for different types of metals. Those exclusions no longer apply under the current administration.
Markets responded with shock after the tariffs were announced. Political pundits tried to determine whether these moves were a short-term negotiation ploy or a long-term play to revitalize and broaden the U.S. industrial base. Metal fabricators, meanwhile, sat back and waited. Unfortunately, some of these companies might not have a lot of time to see how things play out.
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