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    Analysis

    April 7, 2026

    Industry reacts to S232 overhaul as US shifts to full-value tariffs on derivatives

    Written by Laura Miller

    The steel industry is assessing the impact of sweeping changes to Section 232 tariffs after the Trump administration moved to apply duties to the full value of imported steel-containing goods, replacing the confusing content-based system. The president’s April 2 proclamation restructures how derivative products are classified, valued, and tariffed – a shift industry groups say will close loopholes but could raise costs for certain downstream imports.

    International trade attorney Lewis Leibowitz summarized the shift as a fundamental recalibration of the Section 232 program: “Steel and aluminum products listed in Annex I… will continue to have 50% Section 232 tariffs… but on the entire entered value of import shipments, rather than simply the value of the steel or aluminum content,” he wrote in a client note. He noted derivative products will now be tariffed at 25%, 15% for UK-origin metal, and 10% for US-melted or poured inputs.

    Laura Miller

    Laura Miller is a reporter and editor for Steel Market Update. She has held various editorial positions with steel industry publications, associations, and mills since 2007. She joined the SMU team in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania.

    Read more from Laura Miller

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