On Monday, February 10, 2025, President Donald Trump announced the imposition of new tariffs on steel and aluminum imports into the United States without exception or exemption. These tariffs are set to take effect immediately and include a 25% tariff on all steel imports and a 25% tariff on all aluminum imports into the United States.
The United States gets most of its steel from Canada, Brazil, and Mexico, despite the fact that China is the world's largest producer of steel. Due to a 25% tariff on steel announced during his first administration, which was continued during President Biden’s administration, many importers looked for resources other than China.
Steel is a major component in the production of consumer goods, including cars, skyscrapers, oil rigs, pipelines, bridges, and roads. As such, the imposition of this new tariff will likely increase the cost of goods as well as construction costs.
On February 5, our Michael Best’s Construction Law team circulated this client alert to address what contractors can do to prepare for these increased costs.
For further information or assistance, please contact Lauren Triebenbach, Partner and Leader of Construction Law at Michael Best & Friedrich LLP.