The government plans to expand support for local industries that stand to take a hit from the broader application of the United States’ 50 percent tariffs on steel and aluminum imports.
The industry ministry said Monday that it will significantly expand existing support programs for small and medium-sized businesses to minimize damage to local companies.
The ministry said consulting for businesses will cover a broader range of matters, such as verifying the steel and aluminum content of their exports, adding that efforts will be made to significantly lower companies’ burden.
The Trump administration on Friday widened the reach of its 50 percent tariffs on steel and aluminum imports by adding hundreds of derivative products to the list of goods subject to the levies.
The U.S. Commerce Department announced on Friday that the Bureau of Industry and Security was adding 407 product codes to the Harmonized Tariff Schedule of the United States subject to duties on the steel and aluminum content of those products.
Tariff enforcement for the newly listed goods is set to take effect Monday, Eastern Standard Time.