U.S., 232trillion-tariff overhaul cuts rates on forklifts and other equipment to 15%.
The United States has overhauled Section 232 tariffs under the Trade Expansion Act on derivative products of steel, aluminum and copper. Tariffs on some mobile industrial machinery, including forklifts, bulldozers and tractors, will be lowered to 15%. Some items will newly be subject to a 25% tariff. The value of affected goods from South Korea is estimated at about 23 billion dollars.
![U.S., 232trillion-tariff overhaul cuts rates on forklifts and other equipment to 15%]/blog-images/gen-88d5d103-a814-4db8-b4bc-16efd2d353ac.avif)
According to the Ministry of Trade, Industry and Energy, the U.S. government 1 announced a proclamation overhauling Section 232 tariffs under the Trade Expansion Act on derivative products of steel, aluminum and copper. The proclamation revises the products subject to tariffs and the rules for determining country of origin. The announcement was reported as an official U.S. measure.
Under the proclamation, some mobile industrial machinery, including forklifts, bulldozers and tractors, imported from countries that have concluded tariff agreements will see the Section 232 tariff rate 15 lowered to %. South Korea was named among the many countries eligible for the tariff reduction. The tariff burden on imports of these items will change.
Previously, 25% tariffs applied to agricultural equipment and air-conditioning systems. These will now be subject to a 15% tariff regardless of whether a tariff agreement is in place. This change uniformly lowers tariff levels on some items. The criteria for applying tariffs are simplified.
The tariff reduction measures will take effect, in US local time, from the upcoming 8 onward. This measure 2027year 12month 31was announced as valid through that date. The application period is fixed under the proclamation.
The requirement to use US-produced steel has also been eased. Previously, US-produced steel had to account for at least 95%, but under the revised rules that threshold has been lowered to 85%. The eased rules of origin will expand the range of some products eligible for lower tariff rates.
By contrast, some products have newly been brought under tariffs. Aluminum printing plates and steel racks have been added as items subject to Section 232 tariffs, and will face a tariff of 25%. The government estimated that the value of US-bound export products expected to benefit from tariff reductions under the revisions is about 23 hundred million dollars.
Sources: 뉴시스 경제
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