On Thursday, U.S. President Donald Trump reaffirmed a 50% tariff on imports of steel, aluminum, and copper under Section 232 of the Trade Act of 1974, while introducing significant changes to the tariff regime. The new policy aims to simplify compliance for importers and address issues of under-reporting import values. Notably, the U.S. will eliminate the 50% duty on derivative products containing less than 15% of these metals by weight, such as aluminum caps on perfume bottles. Additionally, tariffs on certain metal-intensive industrial equipment will be reduced from 50% to 15% until 2027, responding to calls from steelmakers for lower rates on machinery imports from Germany and Italy. Products made entirely from American metals will enjoy a reduced tariff of 10%. The administration claims these changes will streamline the tariff system, making it easier for importers to navigate while potentially increasing tariff revenue by applying the 50% duty to the full sales value of commodity metals. Despite these adjustments, the administration suggests that the overall economic impact will be minimal.