By Kanishka Singh
WASHINGTON, July 20 (Reuters) – President Donald Trump said on Monday he signed a proclamation to adjust tariffs on imports of aluminum into the United States, adding the domestic production of primary aluminum in the U.S. was currently insufficient.
Here are quotes and details:
• “In the (Commerce) Secretary’s view, it is important to modify the aluminum tariff regime in a way to more effectively encourage increased domestic production of primary aluminum,” Trump said in the proclamation released by the White House.
• U.S. demand for primary aluminum currently outpaces the production capacity of U.S. smelting facilities, according to the proclamation.
• Trump described aluminum as being critical to the U.S. economy and defense industrial base.
• The proclamation directed the U.S. commerce secretary to establish an incentive program for companies that will invest in building, expanding, or refurbishing aluminum smelters in the United States, the White House said.
• The program will request onshoring plans from companies that, if approved, will be eligible to import a commensurate level of primary aluminum into the United States at a reduced tariff rate equal to half of the otherwise applicable Section 232 rate, the White House said in the proclamation.
• Section 232 of the Trade Expansion Act of 1962 authorizes the president to adjust imports found to threaten U.S. national security.
(Reporting by Kanishka Singh and Ismail Shakil; Editing by Jasper Ward)
