US to Adjust Steel and Aluminum Tariffs Starting June 8; HVAC and Farm Equipment Tariffs Cut to 15%

US President Trump signed a new proclamation today to adjust import tariffs on copper, aluminum, and steel products starting at 12:01 AM ET on June 8. Tariffs on certain agricultural equipment and residential heating, ventilation, and air conditioning (HVAC) equipment will be reduced from 25% to 15%. The proclamation states that mobile industrial equipment, such as bulldozers and forklifts, imported from countries with qualifying trade agreements will also be subject to a 15% tariff. If foreign capital equipment contains at least 85% steel or aluminum melted and cast in the US, it may qualify for a 10% tariff. Additionally, two new categories of steel and aluminum derivative products, steel shelving and aluminum lithographic plates, will be subject to a 25% tariff. The new policy will remain in effect until December 31 of next year to 'stimulate near-term investment and rebuild the US industrial base.'