Finance & Capital Market

Trump lowers tariffs on some steel, aluminum derivative ​products

LOS ANGELES
Trump lowers tariffs on some steel, aluminum derivative ​products

US President Donald Trump on ​Monday signed a proclamation amending his Section 232 ‌national security tariffs on some aluminum, steel and copper imports, the White House said.

The proclamation lowers tariffs on some steel and aluminum derivative ​products, including certain types of agricultural machinery and ​residential heating, air conditioning and ventilation equipment ⁠to 15% from 25% previously.

It makes mobile industrial equipment, such ​as bulldozers and forklifts, subject to a 15% tariff "when ​imported from trade deal countries that are entitled to such treatment," the White House said in a statement.

The changes will remain in place until December 31, 2027 "to spur near–term investments ⁠that ​will rebuild the nation’s industrial ​base," the White House said.