ExecutiveOrdersEO
Proc 11032ProclamationTrump 47 · R Quiet signal

Proclamation 11032

Further Adjusting the Tariff Regimes for Imports of Aluminum, Steel, and Copper Into the United States

This proclamation modifies existing Section 232 tariffs on aluminum, steel, and copper by expanding the 15% reduced tariff rate to agricultural equipment and certain residential HVAC systems, temporarily modifying tariffs on mobile industrial equipment and machinery, adding aluminum lithographic plates and steel racks to tariff coverage, and lowering the domestic content threshold for preferential treatment from 95% to 85%. The changes take effect June 8, 2026, with a temporary rate structure lasting through December 31, 2027, before reverting to Proclamation 11021 rates on January 1, 2028.

Federal Register Open PDF 91 FR 34085

Impact dates

  1. Temporary tariff rate structure expires

  2. Rates revert to Proclamation 11021 structure

  3. Tariff modifications effective for goods entered for consumption or withdrawn from warehouse

Market exposure

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

Sectors

Steel & aluminumAutosAgricultureOil & gasOther industrial

Mechanisms

TariffQuota

Role pressure

  • ProtectiveDomestic producer — Lowered 85% threshold incentivizes greater use of U.S. smelted/cast metals in downstream products; expanded coverage to lithographic plates and steel racks prevents circumvention
  • MixedImporter — Reduced 15% rate for agricultural equipment and residential HVAC is favorable, but new coverage of plates/racks and mobile equipment modifications create compliance complexity; Canada/Mexico face content-based calculations with 15% floor
  • MixedDownstream manufacturer — Agricultural and HVAC manufacturers benefit from 15% rate vs. 25-50%, but must navigate origin rules; mobile industrial equipment gets temporary unspecified relief
  • AdverseTrading-partner exporter — Argentina, EU, Japan, Korea, Taiwan, UK, Switzerland, Liechtenstein face 15% minimum or Column 1-based rates; Canada/Mexico face complex USMCA content calculations with 15% floor; fraud penalties create enforcement risk

Geographies

USCAMXEUJPKRTWUKCHLIOTHER

Exposure dates

  • — Tariff modifications effective for goods entered for consumption or withdrawn from warehouse
  • — Temporary tariff rate structure expires
  • — Rates revert to Proclamation 11021 structure

Illustrative public companies

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

MMM3MAAAlcoaAAPLAppleADMArcher Daniels MidlandBGBungeCATCaterpillarCENXCentury AluminumLNGCheniere EnergyCVXChevronCLFCleveland-CliffsCOPConocoPhillipsCTVACortevaXOMExxon MobilFFordFCXFreeport-McMoRanGEVGE VernovaGMGeneral MotorsHONHoneywellHYMTFHyundai MotorNUENucorSHELShellSPYSPDR S&P 500 ETFSTLAStellantisTSLATesla

Confidence: high · Policy alerts

Key directives

  • Expand 15% tariff rate to agricultural equipment and certain residential HVAC systems/components
  • Temporarily modify tariffs on mobile industrial equipment and machinery
  • Subject aluminum lithographic plates and steel racks to derivative tariffs
  • Lower domestic content threshold from 95% to 85% for products 'entirely' made of U.S. metals
  • Secretary to issue CBP guidance on U.S. content assessment for Canada/Mexico products
  • Commerce and USTR to continue monitoring imports and review national security status

Who is ordered

Timeline

Immediate

  • HTSUS modifications published
  • tariff rate changes effective June 8, 2026
  • 85% domestic content threshold replaces 95% threshold

Near term (90d)

  • Secretary of Commerce to issue guidance to CBP on U.S. content assessment for Canada/Mexico products
  • Federal Register notices for HTSUS technical modifications

Long term

  • Temporary reduced rates expire December 31, 2027
  • Rates revert to Proclamation 11021 structure January 1, 2028
  • Ongoing monitoring of metal product imports by Commerce and USTR

Risks & tensions

  • Lowered 85% threshold may increase claims of U.S. content while complicating verification; CBP fraud penalties indicate enforcement concerns
  • Temporary nature of reduced rates (through 2027) creates investment uncertainty for affected industries
  • Canada/Mexico USMCA content calculation could generate disputes given 'non-U.S. content' definition
  • Vague 'temporary modification' for mobile industrial equipment leaves duration and specifics unclear—operational guidance pending
Proclamation 11032: Further Adjusting the Tariff Regimes for Imports of Aluminum, Steel, and Copper Into the United States · Executive Orders