In a strategic move to ease domestic pressures, the Trump administration has announced that certain imports of steel and aluminum will not be subjected to reciprocal tariffs, offering some respite to U.S. buyers burdened by the existing 25% import duties on these essential metals.
According to a White House fact sheet, the metals, already under Section 232 tariffs, will remain exempt from the latest levies rolled out by President Donald Trump, revealing a nuanced attempt to balance Trump’s trade agenda strengths, Bloomberg reports.
Furthermore, exemptions have been extended to include gold and copper, minimizing disruptions within the metals market.
In a separate revelation, pharmaceuticals have been temporarily exempted from expansive tariffs against major U.S. trade partners, marking a win for the industry’s extensive lobbying efforts.
Despite the exclusion in the recent tariffs, the White House cautions that these products, alongside certain others already tariff-laden, could face future levies.
President Trump, during the tariff announcement, emphasized a commitment to local production across multiple industries, including automotive and pharmaceuticals, thus reigniting domestic production ambitions.
Trump has reiterated his vision for economic sovereignty, emphasizing a revival of U.S. manufacturing from automobiles to pharmaceuticals.
While announcing the new tariff framework, Trump stated, the pharmaceutical companies are going to come roaring back, if they don’t, they’ll face significant taxes.
