The U.S. plans to impose steel and aluminum tariffs on Canada, Mexico and the European Union. Historically, these countries accounted for between a quarter and a third of seaborne U.S. steel and aluminum imports, according to data from Panjiva Inc., a division of S&P Global Market Intelligence.
U.S. seaborne imports of aluminum and steel from the European Union have been steadily increasing since 2015, rising from 20,567 twenty-foot equivalent units, or TEU, in the fourth quarter of 2015 to 27,282 TEU in the fourth quarter of 2017, Panjiva data shows. The EU has threatened to implement retaliatory tariffs, and plans to take the U.S. to the World Trade Organization over the issue. Canada, meanwhile, announced retaliatory tariffs on billions of dollars' worth of annual U.S. exports including steel, aluminum and many types of everyday consumer goods.
After dipping to just 1,566 TEU in the first quarter of 2017, seaborne imports from Mexico climbed to 2,914 TEU during the first quarter of 2018, according to Panjiva. Seaborne imports from Canada have fallen off since 2017, totaling just 526 TEU in the first quarter of 2018. This does not include any imports transported by car, rail or air.
Starting June 1, only four countries will continue to be exempt from the Section 232 tariffs. South Korea will be exempt from the 25% steel tariff and will instead have an import quota. The country is subject to the 10% aluminum tariff. Argentina, Australia and Brazil are entirely exempt from the tariffs. During 2017, the U.S. imported 31,846 TEU from the exempt nations, accounting for just over 7% of total imports during the period.

