The US Commerce Department announced Wednesday about allowing seven US companies to import steel products without protectionist tariffs (25%), Bloomberg reported. The department said it will further be “posting decisions on steel and aluminum exclusion requests on an ongoing basis.”
As it turned out, the US is not able to cover its needs in a number of goods with its capacities. The list of beneficiaries included: the manufacturer of razor blades Schick Manufacturing; cutting tools the manufacturer Nachi America, Zapp Precision Wire; the manufacturer of metallurgical equipment Woodings Industrial Corp, the manufacturer of special steels Hankev International, and two unnamed companies.
According to the US Department of Commerce, these companies will be able to import duty-free products originating from Japan, Sweden, Belgium, Germany and China.
China has already retaliated to US levies by reducing investment in the states by 92%.
President Donald Trump in March imposed 25 percent tariffs on steel imports and 10 percent on aluminum, under Section 232 of a 1960s trade law. American companies were allowed to seek exemptions for certain metal products needed for their production.
On Wednesday, lawmakers from both parties criticized Trump administration tariffs on imported steel and aluminum products during a trade hearing featuring Commerce Secretary Wilbur Ross.
“These tariffs do not support U.S. national security. Instead, they harm American manufacturers, damage our economy, hurt American consumers, and disrupt our relationship with our long-term allies,” the committee’s chairman, Republican Orrin Hatch of Utah told Ross.
Since June, tariffs came into force for the EU, Canada and Mexico.