September ’24 at a glance … taxes, tariffs & trade

New Section 301 tariffs announced 

The United States Trade Representative (USTR) completed its review of comments on the Section 301 tariffs on imports from China and announced tariff increases effective Sept. 27 that include: 

1. Steel and aluminum products to 25% 

2. Battery parts (non-lithium-ion batteries) to 25% 

3. EVs to 100% 

4. Solar cells to 50% 

5. Critical minerals to 25% 

6. Ship-to-shore cranes to 25% 

USTR also increased tariffs on personal protective equipment; proposed new tariffs on tungsten, wafers and polysilicon; and expanded the exclusion process slightly for machinery used in domestic and solar manufacturing.  

Administration extends review period for proposed Nippon Steel purchase of U.S. Steel 

U.S. Steel and Japan-based Nippon Steel have another three months to secure approval of the purchase agreement reached between the two companies after the Biden administration granted a request for Nippon to resubmit its filing with the Committee on Foreign Investment in the United States (CFIUS). While the two companies previously reached a merger agreement, both presidential candidates have publicly opposed the deal, as has the United Steelworkers’ union and numerous elected officials on both sides of the aisle. CFIUS will use the additional time to understand the national security impact of the prospective purchase. U.S. Steel CEO says the deal with Japanese allies would allow the company to better compete against China.  

Canada mirrors U.S. tariffs on imports from China 

In the lead-up to the July 2026 renegotiation of the U.S.-Mexico-Canada Agreement, Canada is increasingly aligning its trade policy toward China with that of the U.S. The government recently announced the intent to impose a 25% tariff on steel and aluminum imports from China, as well as a 100% tariff on Chinese-made electric vehicles.