US Expands Tariffs on Steel and Aluminum Products

The US has expanded tariffs on steel and aluminum to 407 additional product categories, according to a statement by the Department of Commerce.

The decision, which took effect on Monday, affects products such as child seats, heavy industrial machinery, and wind turbines.

The 50% tariff imposed by President Donald Trump earlier this year will now also apply to the steel and aluminum content of these products.

Under Secretary of Commerce Jeffrey Kessler stated that this move "closes loopholes for circumvention" and strengthens American industries.

Although the impact of tariffs on consumer prices has been limited so far, economists warn of potential future increases.

Source: ΚΥΠΕ