On June 3, the president and his administration doubled down on tariffs related to steel and aluminum products and their derivatives in a proclamation. With this proclamation, the administration has increased the tariff on steel and aluminum imports from 25% to 50% to boost the demand and production of U.S. steel and aluminum. This action furthers the president’s previous campaign promises to bring back U.S. steel and aluminum manufacturing to previous levels.
To further support this decision, the administration is citing on the uncertainty over the U.S. steel and aluminum manufacturing sector’s ability to meet national security needs.
These tariffs will further affect the costs of manufacturing archery products, including bows, arrows, releases and a wide range of other items and accessories. With the administration holding firm on keeping the tariffs in place and adding the additional 25% increase, it is becoming increasingly likely that price hikes will be felt from manufacturer to retailer and eventually to the consumer.
It’s important to note that the 25% tariff increase on steel and aluminum has not been applied to imports from the United Kingdom pending the outcome of the U.S. - UK Economic Prosperity Deal. Additionally, going forward steel and aluminum products imported from Canada and Mexico will no longer be subject to the IEEPA fentanyl/border measures but will now face the Section 232 steel and aluminum tariffs other countries are currently subject to.
The ATA is continuing its monitoring of the situation as it relates to the archery industry. We are also maintaining communication with congressional members and agency officials to better understand the issues and provide feedback from the industry.
For more information, contact Dan Forster, ATA’s vice president and chief conservation officer, at danforster@archerytrade.org.
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