The White House quickly denied reports that tariffs on steel imports under Article 232 could be reduced, 12 months after their full review by President Donald Trump.
A report published by the Financial Times on February 13 suggested that the Trump administration might be planning to make concessions or even waive some steel import duties. In response, the White House called the reports "baseless speculation." For many steel market participants in the United States, whose businesses have adapted to rising prices, such speculation is undesirable.
On Friday, February 20, the Supreme Court ruled that President Trump's "retaliatory" import tariffs on goods other than steel had been lifted. They were illegally put into effect in accordance with the Law on International Emergency Economic Powers. President Trump responded by imposing a global tariff of 10% on imports from abroad. However, this decision did not affect the Section 232 tariffs, and MEPs assume that the 50% tariffs will remain in force in their current form.
Despite the numerous trade agreements concluded by the United States in recent months, the United Kingdom remains the only country that has been granted the right to a reduced tariff rate under Section 232. After the announcement of the US-UK Economic Prosperity Agreement, the UK retained the 25% Article 232 tariff when President Trump doubled tariffs on steel exports from other countries to 50% in June 4, 2025.
European Parliament respondents confirm that many American metallurgists and shareholders believe that uncertainty about any further concessions is the main threat to their business after a year of transition to new trading conditions under tariffs.
Falling imports, rising prices
The decrease in import profitability led to a reduction in steel supplies from third countries and an increase in domestic prices, which led to an increase in profits for American steel producers. According to data released by the Office of International Trade, in 2025, imports of flat and long products to the United States (excluding stainless steel) decreased by 23.1%, from 15.3 million to 11.7 million tons. In the first quarter of 2025 alone, base prices for hot-rolled products in the United States increased by 40% as domestic factories increased their prices in response to the tariffs. According to the results of the 12-month period, the average annual prices amounted to USD 835 per ton, which is equivalent to an increase of more than 9% year-on-year.
- This article was first published in the February issue of the journal MEPS International. Steel overview. The monthly report provides subscribers with information on steel prices, indices, and market conditions.
