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Market Chatter: Trump Signs Proclamation Amending Tariffs On Steel, Aluminum and Copper Imports

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U.S. President Donald Trump on Monday signed a proclamation amending tariffs on copper, aluminum and iron imports, the White House said, Reuters reported overnight Monday.

The proclamation lowers tariffs on some steel and aluminum derivative products, including certain types of agricultural machineryand residential heating, air conditioning and ventilation equipment to 15% from 25% previously, the report said.

It makes mobile industrial equipment, such as bulldozers and forklifts, subject to a 15% tariff "when imported from trade deal countries that are entitled to such treatment," the White House said in a statement.

The order also allows foreign companies to qualify for a 10% tariff if "their capital equipment includes at least 85% U.S. melted and poured or smelted and cast steel or aluminum by weight."

The order adds two new categories of steel and aluminum derivative import products that will be subject to 25% duties: steel racks and aluminum lithographic plates.

The adjustments will become effective for goods imported or withdrawn from bonded warehouses after 12:01 a.m. EST (0401 GMT) on June 8.

The changes will remain in place until Dec. 31, 2027 "to spur near-term investments that will rebuild the Nation's industrial base," the White House said.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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