ExecutiveOrdersEO
Proc 10947ProclamationTrump 47 · R

Proclamation 10947

Adjusting Imports of Aluminum and Steel Into the United States

This proclamation doubles the existing Section 232 tariffs on steel and aluminum imports from 25% to 50% ad valorem, effective June 4, 2025. It modifies how Executive Order 14289's tariffs interact with these duties, subjects non-steel/non-aluminum content to reciprocal tariffs under EO 14257, mandates strict CBP compliance enforcement, and carves out the United Kingdom at 25% pending potential EPD implementation or quota adjustments after July 9, 2025.

Federal Register Open PDF 90 FR 24199

Impact dates

  1. CBP shall issue authoritative guidance on declaration requirements and penalties

  2. Secretary may adjust UK rates to quotas or increase to 50% based on EPD compliance

  3. 50% steel and aluminum tariffs take effect; EO 14289 amendment effective; foreign trade zone rules change

Market exposure

Policy exposure mapping — not investment advice. Illustrative public companies are incomplete and not recommendations.

Sectors

Steel & aluminumAutosAerospaceDefense primesOil & gasOther industrial

Mechanisms

TariffQuota

Role pressure

  • ProtectiveDomestic producer — 50% tariffs provide substantial price support and competitive shield against low-priced imports; intended to raise capacity utilization to levels needed for national defense and sustained industry health
  • AdverseImporter — tariff doubling from 25% to 50% significantly increases cost of imported steel and aluminum; strict CBP content declaration requirements and severe penalty exposure raise compliance risk; no drawback available
  • AdverseDownstream manufacturer — higher input costs for steel and aluminum intensive production; non-steel/non-aluminum content now subject to additional EO 14257 reciprocal tariffs, creating layered duty exposure
  • MixedTrading-partner exporter — most countries face 50% tariff; UK temporarily shielded at 25% with potential quota path, but faces snapback to 50% if EPD compliance fails

Geographies

USUKCNEUJPKRCAMXOTHER

Exposure dates

  • — 50% steel and aluminum tariffs take effect; EO 14289 amendment effective; foreign trade zone rules change
  • — Secretary may adjust UK rates to quotas or increase to 50% based on EPD compliance

Illustrative public companies

Curated watchlist matches by sector/role — incomplete; not a recommendation.

MMM3MEADSYAirbusAAAlcoaAAPLAppleBABoeingCATCaterpillarCENXCentury AluminumLNGCheniere EnergyCVXChevronCLFCleveland-CliffsCOPConocoPhillipsXOMExxon MobilFFordFCXFreeport-McMoRanGEGE AerospaceGEVGE VernovaGDGeneral DynamicsGMGeneral MotorsHONHoneywellHYMTFHyundai MotorLMTLockheed MartinNOCNorthrop GrummanNUENucorRTXRTX

Confidence: high · Policy alerts

Key directives

  • Increase steel and aluminum tariffs from 25% to 50% effective June 4, 2025
  • Amend EO 14289 section 3(a)(ii) to prevent double-tariff stacking on steel/aluminum articles
  • Subject non-steel/non-aluminum content to EO 14257 reciprocal tariffs
  • Apply additional duties only to steel content (Chapter 73) and aluminum content (Chapter 76)
  • CBP shall issue authoritative guidance mandating strict compliance with declaration requirements and maximum penalties
  • UK articles remain at 25%; Secretary may adjust to quotas or raise to 50% on/after July 9, 2025 based on EPD compliance
  • No drawback available on duties imposed
  • Secretary shall continue monitoring imports and inform President of need for further action

Who is ordered

Timeline

Immediate

  • 50% tariff takes effect June 4, 2025 at 12:01 a.m. EDT
  • EO 14289 amendment takes effect
  • foreign trade zone status rules change
  • strict CBP compliance guidance required

Near term (90d)

  • Secretary may adjust UK rates or impose quotas on/after July 9, 2025
  • CBP must issue authoritative guidance on content declaration requirements
  • Secretary may issue regulations and guidance
  • potential HTSUS modifications via Federal Register notice

Long term

  • ongoing Secretary monitoring of imports for national security
  • potential further presidential action if circumstances change
  • tariffs continue unless expressly reduced, modified, or terminated

Risks & tensions

  • Significant downstream cost pressure on U.S. manufacturers dependent on steel/aluminum inputs
  • UK carve-out creates potential arbitrage and transshipment monitoring challenges
  • Content-only tariff application (steel in Ch.73, aluminum in Ch.76) requires complex origin and content verification, creating compliance burden and enforcement uncertainty
  • Interaction with EO 14257 reciprocal tariffs on non-steel/non-aluminum content may create cumulative duty complexity
  • Foreign trade zone 'privileged foreign status' rule change disrupts existing inventory planning
Proclamation 10947: Adjusting Imports of Aluminum and Steel Into the United States · Executive Orders