Requests for aluminium, steel tariffs exclusion accepted by US Government from today

Ever since US President Donald Trump has imposed heavy tariffs on imported steel and aluminium for reviving unfair business practices within the nation, a series of apprises related to it is crossing our path. Now the latest news is the US Commerce Department is all set to begin accepting requests for product exclusions from President Donald Trump’s new steel and aluminium import tariffs from Monday. However, the agency might take up to 90 days for making the determinations.

The Commerce Department mentioned in a notice published on Saturday on the Federal Register website that the effective date would be 19th of March, 2018 for declaring the rules and procedures for the requests.

Agency officials also revealed at the weekend that they are anticipating to be receiving around 4,500 requests from American businesses seeking exclusions for imported steel and aluminium products, which are unavailable in an inadequate quantity or quality from US manufacturers.

Nonetheless, even if the requests are granted, companies could still be forced to pay higher costs due to tariffs on imported products for up to three months. On this note, the US Customs and Border Protection has already been directed to start collecting the 25 per cent tariffs on steel and 10 per cent tariffs on aluminium from March 23, 12:01 AM.

Concurrently, the leaders of Australia and Singapore closed a regional summit in Sydney yesterday where they’d taken a stand against protectionism on one hand and approved multi-nation trade agreements on the other, as fears mount that Washington’s imposition of new tariffs may add fuel to a global trade war.

"We strongly believe that a free, open and rules-based multilateral trading system is key to the region's growth and prosperity," Singapore's Prime Minister Lee Hsien Loong said as the curtain fell on a gathering between leaders of the 10-member Association of Southeast Asian Nations and Australia.

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