Global businesses are “steeling themselves” for a new, unexpected round of US tariffs, this time on 700 goods ranging from industrial machines to mattress springs. European exporters, in particular, are alarmed by what they see as a “rolling and growing” list of “steel derivatives” that subverts their trade deals.
The core issue is a new, additive tariff. The UK and EU had already agreed to trade frameworks with the US, setting baseline tariffs (10% and 25% respectively) and higher steel tariffs. This new policy, however, would add another levy on the steel content of finished goods, on top of the baseline rate.
The push comes from US firms who say they are being undercut. Companies like Red Gold (tomato canning) and American Pan (cookware) argue that they pay high tariffs on raw steel, while foreign competitors can import finished goods with steel components without a similar penalty.
This argument is proving highly effective. A previous round of requests in August saw 407 products added to the list, with an approval rate approaching 100%. This has encouraged the new, larger wave of requests, which were submitted before an October 21 deadline.
A decision from the Commerce Department is expected in December or January. Analysts warn this reflects an “expansionist” US policy that is creating deep uncertainty for its allies, despite the formal trade agreements in place.
“Rolling” Tariff List Hits 700 New Items, Blindsiding European Exporters
