U.S. Treasury Secretary Scott Bessent said any decision to narrow the scope of tariffs on imported steel and aluminum would ultimately be made by Donald Trump, signaling that potential adjustments remain under review but are not yet finalized.
Speaking in a television interview, Bessent acknowledged there could be limited modifications to the duties, though he emphasized that authority rests with the president. He suggested that if changes occur, they may involve clarifications or exemptions for certain incidental or derivative products rather than a broad rollback of the measures.
The comments follow reports that the administration is examining whether to adjust elements of the 50 percent tariffs imposed on steel, aluminum and a wide range of derivative products. The duties were doubled in 2025 under national security provisions known as Section 232, expanding coverage to include thousands of items such as imported auto components, machinery parts and household appliances.
The U.S. Commerce Department oversees the Section 232 tariffs, which were originally introduced to address concerns about global overcapacity and its impact on domestic producers. Supporters argue the measures are necessary to shield the U.S. metals industry from subsidized foreign competition, particularly from countries with excess production capacity.
Industry groups have urged the administration to maintain the existing framework. The American Iron and Steel Institute said the tariffs are essential to prevent a surge of low priced imports that could threaten domestic manufacturing and national security. The organization has warned that easing restrictions could expose U.S. producers to renewed pricing pressure.
At the same time, the economic impact of the tariffs has drawn increasing scrutiny. The Congressional Budget Office recently estimated that American consumers bear the majority of tariff costs through higher prices on imported goods and domestically manufactured products that rely on metal inputs. Rising costs have become a politically sensitive issue as policymakers confront persistent concerns about living expenses.
Markets have responded cautiously to the possibility of adjustments. Aluminum prices retreated earlier in the week amid speculation that some exemptions could be granted. Currency traders and commodities investors are also monitoring developments, given the potential implications for trade flows, supply chains and inflation dynamics.
Any narrowing of the tariff regime would represent a recalibration rather than a reversal of the administration’s broader trade strategy. The review comes as policymakers balance industrial policy objectives with inflation pressures and electoral considerations in a midterm year.
For now, officials have not announced specific exemptions or timelines. Investors, manufacturers and trading partners are awaiting clearer guidance on whether the scope of the metals tariffs will be refined or left unchanged as the administration weighs its next steps.
