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This morning in metals news: the United States Court of International Trade issued a ruling on the Section 232 steel tariff; meanwhile, the Biden administration has reversed a Trump administration decision regarding tariffs on aluminum from the United Arab Emirates; and, lastly, new orders for manufacturing goods rose for an eighth consecutive month in December.
USCIT dismisses Section 232 steel tariff challenge
In early 2018, former President Donald Trump imposed tariffs on imported steel and aluminum. Using Section 232 of the Trade Expansion Act of 1962, Trump imposed tariffs of 25% for steel and 10% for aluminum.
It is unclear if the new Biden administration will ultimately rescind the tariffs in a blanket sense (more on that shortly).