Current tariff overview:
Country/Coverage  Tariff  Date active  Broad exemptions
Mexico 25% 4 March (Exemptions until 2 April) Imports under USMCA
Canada 25% 4 March (Exemptions until 2 April) Imports under USMCA
China 20% 4 March  None announced
EU 25% (speculated) TBD TBD
Steel & aluminium 25% 12 March Specific exemptions
Reciprocal tariffs ~ 2 April TBD
HTS codes for steel & aluminium tariffs

Trump has reinstated steel & aluminium tariffs with no country-specific exemptions. The original steel & aluminium tariffs included products from:

  • Chapter 72: Ingots, flat-rolled, semi-finished, bars/rods, wire, angles, shapes and sections of iron, non-alloy steel, stainless steel, or other alloyed steel products 
  • Chapter 73: Sheet Piling, Rails, tubes, pipes, and hollow profiles of iron or steel articles
  • Chapter 76: Unwrought, bars, rods, wire, flat-rolled, tubes, pipes, and casting/forging aluminium products
Additional tariffs now cover: 
  • Chapter 84: Machinery parts & agricultural equipment
  • Chapter 85: Insulating fittings for electrical machines 
  • Chapter 94: Metal furniture, lighting fixtures, and modular building units

The full HTS code list is available in this presidential proclamation.

EU countermeasures

The EU will impose EUR 26 billion (USD 28 billion) in counter-tariffs on U.S. goods from 13 April in response to renewed steel and aluminium tariffs. Targeted U.S. products include: 

  • Industrial goods 
  • Agricultural products 
  • Consumer goods (bourbon, motorbikes)

European Commission President Ursula von der Leyen called these “strong but proportionate” measures. The EU remains open to negotiations but warns that escalating tariffs risk economic disruption.

Sector deep dive: Energy storage
  • U.S. Customs and Border Protection (CBP) is tightening scrutiny on lithium-ion battery supply chains over forced labour concerns.
  • Section 301 tariffs on Chinese-origin lithium-ion batteries rose to 25% in September 2024, with non-EV battery tariffs increasing in 2026. 
  • Section 232 tariffs on steel & aluminium may soon extend to battery materials.

For companies engaged in energy storage projects and procurement in the U.S., we recommend: 

  • Compliance and risk management – Assess duties, trade restrictions, and required documentation to minimise penalties 
  • Contractual protections – Include clauses for tariff fluctuations, trade restrictions, and supply chain disruptions, with force majeure provisions for unexpected changes 
  • Cost allocation – Define how tariff costs are shared and use escalation clauses to adjust pricing
What to watch this week

On Friday, 21 March, the president will receive a report on the OECD Global Tax Deal and foreign tax practices. He has specifically highlighted concerns about the EU VAT, which he views as an unfair practice toward U.S. companies. The findings in the report could lead to actions later in the evening, targeting the EU and other OECD countries.

Get in touch

Business Sweden has extensive experience in tariff scenario analyses, localisation evaluations, and supplier assessments. If you need support in assessing your supply chain or navigating the impact of these tariffs on your U.S. operations, please contact Johan Karlberg.

If steel & aluminium tariffs are impacting your business, especially with a local manufacturing footprint in the U.S., please share the details. This information helps Business Sweden and Team Sweden advocate for Swedish businesses in the U.S.

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