Steel Strips Wheels Limited clarifies on US tariff on import of automobiles and certain automobile parts

Steel Strips Wheels Limited has clarified in reference to proclamation signed yesterday by American President Donald J. Trump invoking Section 232 of the Trade Expansion Act of 1962 to impose a 25% tariff on imports of automobiles and certain automobile parts.

We like to bring to your attention that the said proclamation imposes 25% tariff on imported passenger vehicles (sedans, SUVs, crossovers, minivans, cargo vans) and light trucks, as well as key automobile parts (engines, transmissions, powertrain parts, and electrical components), with processes to expand tariffs on additional parts if necessary. Our product Steel as well as Alloy Wheel Rims are not covered by the said Proclamation and will not be impacted by the above stated 25% Tariff.

The relevant extract of the fact sheet uploaded on the website of White House is as follows:

"The 25% tariff will be applied to imported passenger vehicles (sedans, SUVs, crossoverst minivans, cargo vans) and light trucks, as well as key automobile parts (engines, transmissions, powertrain parts, and electrical components), with processes to expand tariffs on additional parts if necessary."

Source : Equity Bulls

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SteelStripsWheels SSWL USTariff AutomobileParts