Biden administration raises import tariffs
On July 10, 2024, the Biden administration announced an increase in import tariffs on aluminum and steel products. The increase in tariffs is the latest measure to combat the circumvention of Section 301 tariffs on Chinese-origin products by shipping products through third countries. The changes apply to goods imported or withdrawn for consumption on or after July 10, 2024. Aluminum tariff increase The Administration announced smelter and last minted country requirements for “Product of Mexico” aluminum products. The Administration also announced an increase in the Section 232 tariff rate on “Product of Mexico” aluminum products and derivative aluminum products that are smelted, sub-smelted, or last minted in China, Russia, Belarus, or Iran. The term smelter country is defined as follows: Smelting country of origin: The world's largest producer of new aluminum metal from alumina (or alumina) using the Hall-Heroult electrolysis process. Secondary smelting country: The world's second largest producer of new aluminum metal, whose raw material is electrolytic Hall-Heroult alumina…
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