US expands 50% steel, aluminum tariffs to 407 more products
The Commerce Department's Bureau of Industry and Security said it had added to the list wind turbines and their parts and components, mobile cranes, bulldozers, railcars, furniture, compressors and pumps, among other products.
"As a result, the steel and aluminum content of these products will be subject to a duty rate of 50 percent," the bureau said in a release posted on its website.
Washington has imposed 50 percent tariffs on steel and aluminum imports, and derivative products. To impose the tariffs, Trump invoked Section 232 of the Trade Expansion Act of 1962, a law that provides the president with the authority to adjust imports into the US when he determines they threaten to impair national security.
"Today's action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention -- supporting the continued revitalization of the American steel and aluminum industries," Under Secretary of Commerce for Industry and Security Jeffrey Kessler said in a statement.
The addition is expected to have an impact on South Korea's industry.
The Korea International Trade Association pointed out that the United States' imports of the added derivative products from South Korea last year totaled $11.89 billion. (Yonhap)
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