U.S. weighs fine-tuning steel and aluminum tariffs amid ‘slowdown’ before midterm election

Financial News, New York – Correspondent Lee Byung-chul.The Trump administration has signaled that it may adjust the scope of steel and aluminum tariffs. The administration is currently imposing steep tariffs of 50% on imported steel, aluminum, and related derivative products. However, it has hinted that it could “slow the pace” by easing excessive administrative burdens on companies while maintaining its basic stance of protecting domestic industry.
Jamieson Greer of the Office of the United States Trade Representative (USTR) said in an interview with Consumer News and Business Channel (CNBC) on the 17th (local time), "Some aspects of how the tariffs are applied can be adjusted from a compliance standpoint." He added, "I have heard examples of companies having to hire additional staff just to calculate the tariffs," and noted, "We do not want a situation where companies are so tied up with bookkeeping that they cannot focus on their core business."
Greer’s remarks are seen as reflecting the fact that tariffs are not only imposed on steel and aluminum themselves, but also on derivative products containing these metals, based on their content ratio, which has made the calculations difficult for companies. In effect, he left the door open to possible policy adjustments.
Companies have repeatedly complained about the complex procedures required to determine the metal content ratios in their products. The European Union (EU) has also reportedly demanded tariff relief during trade negotiations with the United States. The White House has told businesses that “adjustments are underway,” but has not yet disclosed a specific timetable or detailed measures.
At the same time, officials made clear that the basic tariffs on steel and aluminum will remain in place. Greer stressed, "This measure has been very successful in strengthening domestic industry," and said, "We are moving in the right direction, and it will stay as it is."
Earlier, the Financial Times (FT) reported that the U.S. administration was considering cutting some tariffs on steel and aluminum products. Officials at the U.S. Department of Commerce and USTR are said to believe that the tariffs are driving up the prices of goods, including food and beverage cans, thereby increasing the burden on consumers. Reuters, however, reported that President Trump continues to insist he will not compromise on revitalizing domestic manufacturing, including steel and aluminum production, which he views as directly tied to national and economic security.
Even so, the policy mood is gradually shifting. In a previous CNBC interview on the 13th, before his latest comments, Greer had already said, with regard to the scope of some tariffs on steel and aluminum products, that "we will have to see whether there is some sort of narrowing."
Treasury Secretary Scott Besant also remarked, "As I understand it, if any action is taken, it will amount to clarifying the treatment of certain ancillary items," adding, "The final decision rests with the president."
This review of tariffs comes at a time when President Trump’s approval ratings on the economy are low. As voter dissatisfaction over the rising cost of living grows, price pressures stemming from tariffs could become a political liability. The issue is also seen as a factor that could influence whether the Republican Party (GOP) can maintain its majority in Congress in the November midterm election.

pride@fnnews.com Reporter Lee Byung-chul Reporter