Recent Industry Highlights in Stainless Steel

1.Multiple Countries Adjust Steel Import Rules
● On March 12, U.S. President Trump's policy imposing a 25% tariff on all steel and aluminum imports to the U.S. officially took effect, revoking tariff exemptions and quotas for certain trade partners.
● The European Union plans to tighten steel import restrictions starting in April, reducing quotas by 15% to prevent a surge of cheap steel diverted from the U.S. market. Under the new rules, imports within quotas remain duty-free, but any excess will face a 25% tariff. In 2024, the EU imported approximately 60 million tons of steel, half of which fell within the duty-free quota.
● On March 18, India's Ministry of Commerce and Industry proposed a 12% provisional safeguard tariff on multiple steel products. The measure will activate if imports threaten domestic steel industries or cause permanent harm.
● South Korea announced a steel industry crisis response plan on March 19 to help businesses navigate tightening global trade conditions. The plan includes stricter origin management for imported steel to combat anti-dumping evasion.

2.Indonesia Simplifies Import Tariff Policy
● Indonesia's Ministry of Finance announced that, effective March 5, 2025, import duties on 8 specific goods will be streamlined into three rates: 0%, 15%, and 25%.
0% duty: Scientific books.
15–25% duty: Watches, cosmetics, steel, bags, textiles, footwear, and bicycles.
● Additionally, goods valued between 3and3and1,500 will face a flat 7.5% tariff, excluding the above 8 categories. Customs officers no longer need to check HS codes, simplifying duty calculations for recipients. Note that certain goods (excluding books) may also incur a 5% income tax. The reforms aim to streamline processes and enhance trade efficiency.

3.U.S. Imposes 25% Tariffs on Steel and Aluminum Imports from All Countries
On February 10 (local time), U.S. President Donald Trump signed an executive order imposing a 25% tariff on all steel and aluminum products imported into the United States, effective March 12. The new policy also revokes tariff exemptions and quotas for certain trade partners.
Under the U.S. Harmonized Tariff Schedule (HTS), the scope of affected products is defined as follows: "Steel products" is defined as:

● Steel Products
Covered HTS codes:
7206.10 to 7216.50
7216.99 to 7301.10
7303.10 to 7302.90
7302.40 to 7302.90
7304.10 to 7306.90

Includes any subsequent revisions to these HTS classifications.