Tariffs a “Tripple Whammy” Against Auto Recyclers
Open any newspaper or listen to a newscast and you’d be hard pressed not to find information about the imposed tariffs recently set in place by President Trump.
In May, the Trump administration announced the imposition of tariffs on metals imported from its closest allies – namely the EU, Mexico and Canada, each of which will face 10 percent tariffs on aluminum and 25 percent on steel.
As Ivan Bilaniuk, an international business partner at Dinsmore & Shohl LLP in Washington, DC, explained, the first tariffs were imposed on solar panels and heavy appliances in January. Shortly thereafter, the Trump administration used its authority under Section 232 of the Trade Expansion Act of 1962 to impose a broad 25 percent tariff on steel imports and 10 percent tariff on aluminum imports.