Thanks for reading the Ram Alloys Monthly Nickel and 316L s/c update, intended to help our valued customers make educated business decisions.

THE FOUR (4) TRUMP TARIFFS

• One - Drug War:
• Validity OVERRULED by SCOTUS Ruling
• Fentanyl Tariffs on China, Mexico, Canada all ruled Illegal - Read More Below!!
• Two - Steel War: INCREASED TO 50% Section 232 Tariff on all COPPER, Steel and Aluminum
• Validity NOT subject to upcoming Supreme Court Ruling
• Began March 12th - Original Tariff = 25%
• Quotas Eliminated. Exemption Process Terminated
• Excluded and separate from SUPREME COURT Trade War Reciprocal Tariffs
• June 4th: Tariff Rate Raised to 50%
• Except for UK - remains 25% while they negotiate (still negotiating)
• Tariffs for "derivatives" of steel and aluminum remain difficult to analyze, as either reciprocal or Section 232 tariffs apply, but the method for applying either is unclear
• August 1, 2025: Copper added to the 50% Section 232 tariffs, along with steel and aluminum
• Three - Trade War: Reciprocal Tariffs

• Validity OVERRULED by SCOTUS Ruling
• All global reciprocal tariffs ruled Illegal
• Trump imposed a different global tariff under new codes - Read More Below!!
• Four - BRICS Tariff (new - threatened)

• July 7, 2025: President Trump threatened a new tariff "an additional 10% tariff on countries that orient themselves along the 'Anti-American policies of BRICS."
• Meaning, application, interpretation, impact, etc.
• BRICS of course stands for: Brazil, Russia, India, China, and South Africa
• Other members include Saudi Arabia, Egypt, Iran, Ethiopia, the United Arab Emirates, and Indonesia
• BRICS Partner Countries: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam
• Since July 7th, Brazil has been hit with higher tariffs (no 40%) and India has been threatened with an additional 100% tariff due to their Russian energy purchases
• New Indian Trade Deal muted this threat...for now
• The "Sanctioning Russia Act" currently before the Senate contemplates up to 500% tariffs
• Five - New Section 122 Tariffs

• Replace the Trade War Reciprocal Tariffs
• Started at 10%, immediately raised to 15%
• Never been used before
• Temporary: Valid for imports starting 2/24 + 150 days
• Subject to litigation

Drug War and Reciprocal Tariff SCOTUS Trial  

On August 29th, the Court of Appeals for the Federal Circuit ruled President Trump exceeded his authority and invalidated several tariffs.

Notably, Section 232 Tariffs on Steel, Aluminum, and Copper remain unaffected and valid.

SCOTUS expedited the appeal and heard over 2.5 hours of oral arguments on November 5th.

SCOTUS RULING: DRUG & RECIPROCAL TARIFFS RULED ILLEGAL

On February 20th, the Supreme Court of the United States ruled that President Trump's global reciprocal tariffs and fentanyl tariffs were unlawful. They stated that the IEEPA (International Emergency Economic Power Act) does not authorize Trump to impose those tariffs, as it "exceeded" his presidential authority. It is important to note that this ruling DOES NOT AFFECT Section 232 tariffs on Steel. 

On February 20th, Trump announced he would impose a temporary 10% global tariff under Section 122 of the Trade Act of 1974. This took effect on February 24th, where it allows for a temporary 10% tariff on most imports for up to 150 days. A few days later, the Trump administration increased the rate to 15%.

Refund procedure and timeline uncertain...as is the future of new litigation.

What's Next? These tariffs are temporary, so the administration is looking at long term solutions. This situation is fluid and ongoing, so be on the lookout for new developments.