US excludes steel, aluminum, copper, gold from reciprocal tariff
Besides, pharmaceutical products will be spared from sweeping tariffs on major US trade partners for now, a small victory for drug companies who have been lobbying for an exemption from levies
The White House said steel and aluminum imports won't be subject to reciprocal tariffs in a move that will provide at least some relief to domestic buyers already incurring 25% duties on all imports of the key metals used in everything from automobiles to dishwashers.
Steel and aluminum already subject to Section 232 tariffs won't incur the duties announced by President Donald Trump on Wednesday, the White House said in a fact sheet. The determination indicates the administration at least gave some leeway for metals markets that Trump has long prioritised in his trade wars, reports Bloomberg.
Gold and copper were cited in the exemption clause as well.
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Pharmaceutical products spared for now
In another report, Bloomberg stated that pharmaceutical products will be spared from sweeping tariffs on major US trade partners for now, a small victory for drug companies who have been lobbying for an exemption from levies.
Drugs and other products, including some already subject to other tariffs, aren't subject to the new levies, according to the fact sheet released by the White House. The pharmaceutical industry may be subject to other tariffs in the future, however.
"We are going to produce the cars and ships, chips, airplanes, minerals and medicines that we need right here in America," Trump said when announcing the new tariffs. "The pharmaceutical companies are going to come roaring back, they are coming roaring back, they are all coming back to our country because if they don't they got a big tax to pay. And if they do, I'll be very happy."
