On August 28, 2023, the Bureau of Industry and Security (BIS) within the US Department of Commerce (DOC) issued a proposed rule to modify certain aspects of the procedure for requesting exemptions from the Section 232 tariffs on steel and aluminum. The proposed change is now open for public discussion, signaling an opportunity for corporations and law firms to voice their opinions and concerns.
The proposed alterations notably concern the process of acquiring exclusions from Section 232 impositions on steel and aluminum. For those unfamiliar, Section 232 of the Trade Expansion Act of 1962 allows the President of the United States to adjust imports through tariffs if deemed necessary for national security. Steel and aluminum have long been considered infrastructure critical materials, thus justifying their inclusion under Section 232’s purview.
With the newly proposed changes, legal professionals practicing international trade law, as well as corporations affected by these tariffs, should be aware of the ways these changes could potentially impact them. Whether through shifts in trading partners, alterations to supply chain management, or potential litigation, these proposed changes could have substantial effects on the broader business landscape.
Interested parties are strongly encouraged to review the proposed changes and consider contributing to the discussion before the public commentary period closes. The details of the proposed rule change and the mechanism for submitting comments can be found in the full notice issued by the BIS.
The potential implications of these proposed changes are broad-reaching and require thorough analysis. As always, in the complex arena of international trade law, impacted firms are advised to consult with their legal teams or seek external legal advice to fully understand the potential impact and formulate appropriate responses.
Together, the legal and corporate communities can ensure their perspectives are incorporated, contributing to a more well-rounded and inclusive amendment process. Your contribution could help shape the future of trade law- don’t let this opportunity pass by.