WASHINGTON, Feb 13 - U.S. Treasury Secretary Scott Bessent said on Friday that any decision to narrow the scope of the United States' metals tariffs would rest with President Donald Trump, but he acknowledged that the administration might make some modifications to the duties.
Asked on CNBC about a Financial Times report that President Trump is considering rolling back portions of his 50% tariffs on steel and aluminum products, Bessent said he had discussed the matter with U.S. Trade Representative Jamieson Greer and added: "We’ll see if there is a narrowing."
Bessent further commented on the nature of any potential changes, saying: "If anything is done, I think it would be some sort of clarification on some incidental objects, but again, that’s going to be the president’s decision."
A spokesperson for the U.S. Commerce Department did not immediately respond to a request for comment on the report that cited unnamed sources saying the administration was reviewing the tariffs and would exempt some items. The U.S. Trade Representative’s office also did not immediately respond to requests for comment.
The Commerce Department administers the Section 232 national security tariffs that President Trump doubled last year on steel and aluminum. That expansion added thousands of derivative products made from those metals to the scope of the duties, including many imported auto and machinery parts and household appliances.
Consideration of adjustments to the tariffs is occurring as the administration shifts to address the rising cost of living for Americans during a mid-term congressional election year. The Congressional Budget Office said in its annual fiscal forecast that U.S. consumers are bearing about 95% of the costs of the tariffs - either through higher prices on imported goods or higher prices charged on domestically produced manufactured goods.
The American Iron and Steel Institute urged the administration on Friday to keep the steel and aluminum tariffs in place. AISI argued that government-subsidized excess steel capacity in China and other countries threatens U.S. national security.
"The Section 232 steel tariffs imposed by President Trump are essential to prevent this overcapacity from fueling new surges of harmful imports into the U.S. market, which would cause a profound threat to American national security and undermine the health of the American steel industry," AISI President Kevin Dempsey said in a statement.
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