Modified "Full Value" Section 232 Metal Tariffs Announced

Today President Trump issued a Proclamation modifying the tariff regimes applicable to aluminum, steel, copper, and their derivative articles under Section 232 of the Trade Expansion Act of 1962. The Proclamation significantly restructures the existing Section 232 duties on aluminum, steel, and copper, most notably by applying the tariffs to the full customs value of covered products regardless of the metal content, revising the scope of derivative articles subject to duties, and establishing a tiered tariff framework across different categories of metal products.

The Administration described these changes as intended to simplify tariff administration, address perceived circumvention through downstream products valuation, and strengthen the effectiveness of the Section 232 measures in addressing national security concerns associated with imports of steel, aluminum, and copper.