Report from Financial News Network on August 16: According to news reports, on August 15 local time, the Trump administration announced to expand the scope of the 50% tariff on steel and aluminum imports, adding hundreds of derivative products to the list of additional tariffs. The U.S. Department of Commerce announced in the Federal Register on the same evening that the Bureau of Industry and Security had added 407 product codes to the Harmonized Tariff Schedule of the United States, and these products will be subject to additional tariffs due to their steel and aluminum content. The announcement stated that for parts of these products that are not steel and aluminum, they will be subject to the tariff rate imposed by President Trump on goods from specific countries. The expanded tariff list will officially come into effect on August 18. On June 3 local time, the White House announced that U.S. President Trump declared to increase tariffs on imports of steel, aluminum, and their derivative products from 25% to 50%. This tariff policy will take effect from 00:01 EDT on June 4, 2025.
Trump’s tariff policy is impacting the global economy.