President Donald Trump signed a proclamation on Tuesday lowering the tariffs on agricultural equipment and certain other equipment to 15% from 25%, the White House said.
Additionally, the existing category of industrial equipment subject to a 15% tariff was expanded to include mobile industrial equipment, like bulldozers and forklifts, "when imported from trade deal countries that are entitled to such treatment," the White House said.
The proclamation also allows foreign companies to qualify for a 10% duty rate if their capital equipment includes at least 85% US melted and poured or smelted and cast steel or aluminum by weight, the White House said.
The tariff changes will last until Dec. 31, 2027, to "spur near-term investments," the White House said.
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