It has been a tumultuous year for trade.
Nearly all steel and aluminum imported into the US now face additional 25% and 10% tariffs, respectively, after the Trump Administration determined such imports threatened US national security. An additional 25% tariff will be added to a growing list of products from China, following a US investigation into China’s intellectual property practices and policies. The US also launched a Section 232 investigation on auto imports, the results of which could be released as early as September. The EU and other US trading partners are responding with retaliatory tariffs, which will increase the costs of importing US products on almost 2,000 tariff lines.
While the real economic pain of these tariffs may not be felt until the fourth quarter, they have already disrupted global supply chains and added to the cost of doing business. The countries involved in and products affected by the current trade tensions are changing at a rapid pace. Recognizing the difficulties companies face in tracking current developments and potential increased costs throughout their supply chains, the trade experts of Squire Patton Boggs have been advising companies globally on impacted tariff lines and processes available to comment on and challenge these tariffs in the US and certain foreign markets, including how to apply for product exclusions.