Deals27 Mar 2025, 04:30 pm
Steel Strips Wheels Ltd. Unaffected by Trump's 25% Tariff on Automobiles and Parts
AI Summary
Steel Strips Wheels Ltd. announced that it will not be impacted by the 25% tariff imposed by American President Donald J. Trump on imported passenger vehicles and certain automobile parts. The tariff, invoked under Section 232 of the Trade Expansion Act of 1962, covers passenger vehicles, light trucks, and key automobile parts such as engines, transmissions, powertrain parts, and electrical components. However, the company's Steel and Alloy Wheel Rims are not included in the Proclamation. The tariff may be expanded to include additional parts in the future.
Key Highlights
- Steel Strips Wheels Ltd. will not be affected by the 25% tariff on automobiles and parts.
- The tariff covers passenger vehicles, light trucks, and certain automobile parts.
- The company's Steel and Alloy Wheel Rims are not included in the Proclamation.
- The tariff may be expanded to include additional parts in the future.
- The announcement was made in reference to a Proclamation signed by American President Donald J. Trump.