AIIS: Steel Tariffs Have Begun to Take Effect

Steel imports fell by nearly a quarter from April to May as the Trump administration’s steel tariffs began to take effect, reported the American Institute for International Steel (AIIS).

Imports fell 23.2 percent month-to-month to 2.89 million net tons, which was almost 16 percent lower than in May 2017. South Korea—which has agreed to a quota limiting its exports to the U.S.—recorded a decline of more than three-fourths from the preceding month and two-thirds from the previous May to 110,000 net tons. Imports from Russia fell by similar percentages to 114,000 net tons, and imports from Brazil decreased by more than a quarter from April and by nearly half from May of last year to 293,000 net tons. The European Union was exempted from the tariffs until June 1, and the 585,000 net tons of imports from that region showed growth of more than 22 percent on both a monthly and an annual basis. Canada and Mexico were also exempted until June 1, and while imports from Canada were largely unchanged from April at 710,000 net tons, imports from Mexico fell by 7 percent to 364,000 net tons. Both totals, though, were around one-fourth higher than in May 2017, in part because of strong growth from March to April in anticipation of the tariffs taking effect, AIIS said.