ExecutiveOrdersEO
Proc 11021ProclamationTrump 47 · R

Proclamation 11021

Strengthening Actions Taken To Adjust Imports of Aluminum, Steel, and Copper Into the United States

This proclamation significantly strengthens existing Section 232 tariffs on aluminum, steel, and copper imports by raising rates to 50% ad valorem on most metal articles and certain derivatives (25% for other derivatives), applying duties to full customs value regardless of metal content, eliminating prior inclusion processes, and creating a new joint authority for the Secretary of Commerce and USTR to add derivative articles on a rolling basis. It also establishes a temporary graduated tariff structure for certain Annex III products through 2027 before full rates apply in 2028, with special provisions for UK products and US-origin metals.

Federal Register Open PDF 91 FR 18201

Impact dates

  1. Annex III graduated tariff regime expires

  2. Full clause 3 rates apply to Annex III products

  3. 50d ago

    Secretary and USTR joint update on import status production and national security threats

  4. 50% and 25% tariffs take effect on full customs value for covered metal articles and derivatives

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Steel & aluminumCritical mineralsAutosAerospaceDefense primesShipping & logistics

Mechanisms

TariffLicensing

Role pressure

  • ProtectiveDomestic producer — 50% tariffs and full-value application directly shield US aluminum steel and copper producers from import competition with explicit 80% capacity utilization target
  • AdverseImporter — 50% ad valorem on full customs value regardless of metal content dramatically raises costs with limited drawback availability
  • AdverseDownstream manufacturer — Manufacturers of derivative products face 25-50% input cost increases unless using 100% US-origin metals; Annex III products get temporary relief until 2028
  • MixedTrading-partner exporter — UK receives 25% and 15% preferential rates; EU Japan Korea Mexico Canada get drawback eligibility; Russia faces 200%; others face 50%
  • AdverseProject developer — Construction and infrastructure projects using imported metal inputs face significant cost escalation

Geographies

USUKEUJPKRMXCACNOTHER

Exposure dates

  • — 50% and 25% tariffs take effect on full customs value for covered metal articles and derivatives
  • — Annex III graduated tariff regime expires
  • — Full clause 3 rates apply to Annex III products

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

EADSYAirbusALBAlbemarleAAAlcoaBABoeingCENXCentury AluminumLNGCheniere EnergyCLFCleveland-CliffsDACDanaosDQDaqo New EnergyFDXFedExFFordFCXFreeport-McMoRanGEGE AerospaceGDGeneral DynamicsGMGeneral MotorsHONHoneywellHYMTFHyundai MotorLMTLockheed MartinMATXMatsonMPMP MaterialsNOCNorthrop GrummanNUENucorRTXRTXSPRSpirit AeroSystems

Confidence: high · Policy alerts

Key directives

  • Apply tariffs to full customs value effective April 6 2026
  • Set 50% ad valorem rate for aluminum steel articles and Annex I-A derivatives
  • Set 25% rate for certain copper and Annex I-B derivatives
  • Terminate inclusion processes from Proclamations 10895 10896 10962
  • Authorize Secretary and USTR to jointly include additional derivative articles on rolling basis
  • Exempt certain Annex II derivatives from aluminum and steel tariffs
  • Establish temporary Annex III tariff regime through December 31 2027 transitioning to full rates January 1 2028
  • Maintain 200% rate on Russian aluminum
  • Impose smelt and cast reporting requirements on importers
  • Direct Secretary USTR and DHS to implement through regulations and guidance

Who is ordered

Timeline

Immediate

  • 50% ad valorem tariffs take effect April 6 2026 on most aluminum steel and copper articles and certain derivatives
  • 25% rate applies to certain copper articles and aluminum/steel derivatives in Annex I-B
  • termination of prior derivative inclusion processes
  • full customs value application regardless of metal content

Near term (90d)

  • Secretary and USTR joint update due within 90 days on import status production levels and foreign actions
  • CBP to implement smelt and cast information requirements as soon as practicable
  • potential HTSUS modifications via Federal Register notice

Long term

  • Annex III products face graduated rates through December 31 2027 then full clause 3 rates from January 1 2028
  • ongoing rolling authority for Secretary and USTR to add derivative articles
  • continued monitoring of domestic capacity utilization toward 80% target

Risks & tensions

  • Significant escalation in trade tensions with major metal-exporting nations
  • Potential WTO disputes given high tariff rates and national security justification
  • Supply chain disruption for downstream manufacturers facing 50% input cost increases
  • UK receives preferential treatment suggesting ongoing bilateral negotiations
  • Rolling inclusion authority creates persistent regulatory uncertainty for importers
  • Annex III temporary regime may incentivize front-loading imports before 2028 cliff
  • Drawback provisions limited to Trade Agreement Partners creates compliance complexity
  • Russian 200% rate maintained despite overall tariff restructuring
Proclamation 11021: Strengthening Actions Taken To Adjust Imports of Aluminum, Steel, and Copper Into the United States · Executive Orders