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Section 232 Tariffs

The United States currently maintains a 25% tariff on steel imports and 10% on tariff on aluminum imports under Section 232 of the Trade Expansion Act of 1962. In 2018, the Trump administration imposed Section 232 Tariffs on steel and aluminum imports into the United States, citing national security concerns. The U.S. agreed to lift tariffs on Canada and Mexico after the signing of the United States-Mexico-Canada Agreement (USMCA), and reached deals with the European Union, Japan and other countries to replace the tariffs with quotas for steel and aluminum imports into the U.S.

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Report: Mexico Will Retaliate If 25% Tariffs on Steel Return
February 29, 2024 by Mara Lee|Americas

Mexican Economy Secretary Raquel Buenrostro said in Mexico this week that if the U.S. reimposes 25% tariffs on Mexican steel exports over alleged surges, Mexico will retaliate. Mexico's steel exports are only 2.5% of the U.S. market, and U.S. steel exports are 14% of the Mexican market, so the U.S. has more to lose if Section 232 tariffs on Mexican steel return, she said.