President Trump exercised “his authority to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports” during an Oval Office ceremony today. The tariffs are scheduled to take effect in 15 days.

Imports of steel and aluminum originating from Canada and Mexico will be exempted from the tariffs during the renegotiation period for the North American Free Trade Agreement (“NAFTA”), with the President explaining that any permanent exclusion would need to be part of a final re-negotiated NAFTA deal. Other countries mayseek modifications or exemptions from the tariffs in a negotiation process with the Office of the U.S. Trade Representative (“USTR”).