Justification not yet generated — showing supporting facts

• The first Trump Administration invoked Section 232 of the Trade Expansion Act of 1962 to impose tariffs on steel and aluminum in 2018.
• Fabricated metal products face the highest average tariff rate, exceeding 30 percent, under the proposed Scenario 2 tariff package due to their direct inclusion under steel and aluminum tariff measures.
• Scenario 2 of the proposed 2025 tariff package includes a 20 percent tariff on all imports from China, a 25 percent tariff on aluminum and steel imports from all countries, and a 25 percent tariff on goods imported from Canada and Mexico not covered under the United States-Mexico-Canada Agreement (USMCA).
• The manufacturing industry faces potential tariff pressures, specifically regarding increased costs for raw materials such as steel and aluminum, which can lead to higher production expenses and reduced profit margins.
• In February 2025, the United States reinstated a 25% tariff on iron and steel and raised the aluminum tariff from 10% to 25%; in June 2025, both tariffs were doubled to 50%.
• President Joe Biden increased tariffs on Chinese electric vehicles, solar cells, steel, and aluminum in May 2024.
• The most aggressive tariff package simulated by the Richmond Fed includes a 25 percent tariff on EU imports, 20 percent on Chinese imports, 25 percent on steel and aluminum, 25 percent on non-USMCA goods from Canada and Mexico, and 25 percent on auto imports.
• President Donald Trump reinstated tariffs on steel and aluminum imports from Brazil and Argentina in December 2019.
• Scott Horsley reported for NPR on March 8, 2018, that President Donald Trump formally ordered tariffs on steel and aluminum imports.
• As of March 2025, the implementation of 20% tariffs on all Chinese imports and 25% tariffs on aluminum and steel increased the average effective tariff rate (AETR) to 7.1%.
• The construction industry is significantly impacted by aluminum and steel tariffs because these materials are essential for building items like beams and pipes, leading to increased overall project costs.
• On June 3, 2025, the United States maintained United Kingdom steel and aluminum tariffs at 25 percent while increasing Section 232 duties for other countries to 50 percent.
• The Richmond Fed's 'Scenario 2' tariff model assumes a 20 percent increase on all imports from China, a 25 percent increase on all aluminum and steel imports, and a 25 percent tariff on non-USMCA goods from Canada and Mexico relative to the benchmark case.
• Tariffs on imported steel and aluminum have increased the production cost of each vehicle manufactured by Ford Motor Co. in the United States by $500 to $1,000.
• As of March 2025, the United States has introduced new tariffs, including an additional 20 percent on all imports from China and a 25 percent tariff on aluminum and steel imports from several countries.