US expands list of steel and aluminum tariffs, experts expect it will affect at least $320 billion worth of imported goods.

On the 19th, the U.S. Department of Commerce's Bureau of Industry and Security announced that 407 steel and aluminum derivative products will be included in the tariff list, with a 50% tariff rate. Some companies are worried that this move by the U.S. will increase costs and heavily impact their profit margins. Keith Kesler, Deputy Secretary of Commerce for Industrial and Security Affairs, said that this expansion of steel and aluminum tariffs by the U.S. covers a wider range. According to the announcement, the new list covers a wide range of products, including wind turbines and components, mobile cranes, bulldozers and other heavy equipment, rail vehicles, compressors, and pumps. Brian Baldwin, Vice President of Customs Affairs at DeXun International Transport Company based in Switzerland, said that a 50% tariff will have a heavy impact, and believes that this move by the U.S. is not just about tariffs, but also signifies a strategic shift in the regulation of steel and aluminum derivative products. Jason Miller, a professor at Michigan State University, said that based on his calculations, the current steel and aluminum tariffs in the U.S. will affect imports of at least $320 billion worth of goods by 2024. Expanding the list of steel and aluminum tariffs will further increase inflation pressure as prices climb. The U.S. raised tariffs on steel and aluminum products from all trading partners except the UK from 25% to 50% starting on June 4, leading to opposition and criticism from many countries.