Washington: U.S. Trade Representative Jamieson Greer hinted Tuesday that Washington could adjust how its tariffs on steel and aluminum are applied, as companies have grappled with the onerous task of calculating the duties, particularly on derivative products. Greer made the remarks in a CNBC interview after the Financial Times recently reported that U.S. President Donald Trump's administration plans to scale back some tariffs on steel and aluminum goods.
According to Yonhap News Agency, Greer stated, "You may want to sometimes adjust the way some of the tariffs are applied for compliance purposes." He acknowledged that companies have had to hire extra personnel for compliance and emphasized that the intention is not to burden companies with excessive administrative tasks that could detract from their core operations.
The Trump administration has imposed 50 percent tariffs on steel and aluminum imports. Additionally, refrigerators, washing machines, and other items have been added to the list of derivatives subject to the steel tariff, with duties calculated based on the value of the steel content in each product. Greer described the metal tariffs as "successful," highlighting that they have led to increased steel shipments and the opening of new steel lines and aluminum smelters.
Commenting on the timing of a Supreme Court ruling on Trump's tariffs instituted under an emergency law, Greer indicated uncertainty, noting the United States' "separation of powers." The high court is currently deliberating on the legality of using the 1977 International Emergency Economic Powers Act (IEEPA) to impose tariffs. The next opinion day is scheduled for Friday.
Greer reiterated that if the IEEPA tariffs are struck down, the Trump administration will attempt to replace them to maintain the continuity of the president's tariff and trade policy program. He stated, "If and when it comes and we win, then we'll just carry on our successful tariff and trade policy program. If it goes the other way, then we'll try to recreate that the best way possible."