Introduction
Here’s a quick market update from Shane Russell, Executive Vice President of Sales at American Piping Products, on recent changes to tariffs and quota systems.
Below the video you’ll find a transcript of what Shane is discussing if you prefer to read.
Please note that the information in this video reflects current market conditions and may change as trade negotiations evolve.
Transcript
When it comes to how the quota system interacts with tariffs, if you look back before this year, several countries were able to avoid tariffs through a quota system.
For example, South Korea faced 0% tariffs on steel, but they were required to ship tonnage based on a quarterly quota.
In March, those quotas were removed, and tariffs were applied across all countries, regardless of where the material was coming from.
Now, several countries are trying to renegotiate trade terms with the United States in hopes of returning to that quota system and avoiding the new tariffs added this year.
At the moment, Great Britain is the only country still operating under a quota system that avoids tariffs, but that could change as other countries continue negotiations with the Trump administration.
If you need help navigating the constant market shifts due to tariffs, get in touch with us today.