United States expands list of steel and aluminum tariffs, companies worry about rising costs.

On the 19th, the US Department of Commerce's Bureau of Industry and Security announced that 407 categories of steel and aluminum derivative products will be added to the tariff list, with a tax rate of 50%. Many companies are concerned that this move by the US will increase costs and have a significant impact on profit margins. Deputy Secretary of Commerce for Industry and Security Jeffrey Kessler said that the expansion of the steel and aluminum tariffs by the US will cover a wider range of products. 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 Dethrone International Transport Company based in Switzerland, said that the 50% tariff will have a significant impact, believing that this move by the US is not just about tariffs, but also signifies a strategic shift in US regulation of steel and aluminum derivative products. Professor Jason Miller of Michigan State University said that, based on his calculations, the current steel and aluminum tariffs in the US will affect imports totaling at least $320 billion by 2024. Expanding the range of steel and aluminum tariffs will further increase inflation pressure due to rising prices.