05:33 AM IST
Steel and aluminium users that depend on imported products not available from U.S. producers may have to wait up to 90 days for an exclusion from the Trump administration`s new metals tariffs, according to a Commerce Department document.
The draft Federal Register notice, which is expected to be published later on Friday evening and was seen by Reuters, outlines procedures for companies to seek such exclusions. The review period for such requests "normally will not exceed 90 days, including adjudication of objections submitted on exclusion requests," it said.
The exclusion rules have been anxiously awaited by manufacturing companies since President Donald Trump announced the tariffs on March 7 to protect domestic steel and aluminium producers on national security grounds. U.S. allies, however, remain in the dark about country-specific exemptions.
But steel- and aluminium-consuming industries that must import products, such as the high-strength steel rod used to make tire belts, may end up paying tariffs for a considerable period before being granted an exclusion. The U.S. Customs and Border Patrol is expected to begin collecting the tariffs of 25 percent on steel and 10 percent on aluminium at 12:01 a.m. (0401 GMT) on March 23.
"The request should clearly identify, and provide support for, the basis upon which the exclusion is sought," the Commerce Department said in the notice. "An exclusion will only be granted if an article is not produced in the United States in a sufficient and reasonably available amount, is not produced in the United States in a satisfactory quality, or for a specific national security consideration."
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
Shares to buy for long term: Analysts recommend buying 4 midcaps and 3 largecap stocks; check targets
)
Power of Rs 10,00,000 One-time Investment: How your Rs 10 lakh investment can turn into Rs 3 crore, Rs 4.47 crore, and Rs 6.63 crore in 30 years
)
SIP Calculation: Rs 16,000/month investment, how quickly can you generate over Rs 15 crore corpus? See calculations
)
Air India Plane Crash | ‘Everything went wrong’: From configuration error to overloading, experts decode theories behind India’s worst aviation catastrophe in decades
)
Top 6 Multicap Mutual Funds With up to 34% Return in 6 Months: Rs 26,666 SIP investment in No. 1 scheme is worth Rs 1,74,118 now
)
8th Pay Commission Pension Calculations: How your Rs 20,200, Rs 25,250, Rs 34,000, and Rs 44,200 basic pension can be revised at 2.10-2.50 fitment factors (detailed charts)
)
8th CPC Salary Calculations: What can be revised basic pay for Grade Pay 1800, 2400, 2800 and 4200 employees at 1.92, 2.08 and 2.28 fitment factors?
)
Power of Rs 1,50,000 PPF Investment: How many years will it take to generate Rs 16 lakh/year tax-free income from Public Provident Fund?
)
Top 5 Largecap Mutual Funds With up to 42% Return in 3 Months: Rs 22,222 SIP investment in top-performing fund has jumped to Rs 70,440
05:33 AM IST