President Trump has enacted 25% import tariffs on selected steel and 10% on aluminum products following the section 232 “national security” review of those industries. The Presidential Proclamations note a “continued high level of imports since the beginning of the year”. While that was true for January – there was a 9% increase vs. December – seaborne imports indicate a 10% drop in February vs. January. Canada and Mexico are exempted for national security reasons. Others countries (and products) can be exempted too if they (a) meet national security criteria and (b) demonstrate other...