US excludes steel, aluminium and gold from reciprocal tariffs

The White House recently announced significant exemptions to reciprocal tariffs, specifically excluding steel, aluminum, gold, and copper from new duties.

This decision represents a crucial development for domestic metal buyers already navigating a complex tariff landscape that includes 25% duties on key metals under Section 232 provisions, Caliber.Az reports, citing US media outlets.

"The market has been anticipating clarification on metal tariffs since the February 2025 announcement," notes James Robertson, chief metals analyst at GoldStar Research. "These exemptions provide much-needed certainty for specific sectors while maintaining the administration's broader trade policy objectives."

The exclusion of steel and aluminum already under Section 232 tariffs has created unique market dynamics. According to the Bureau of Industrial Economics, approximately 73% of all steel imports and 61% of aluminum imports currently face some form of tariff protection—levels that would have approached 95% without these exemptions.

"The gold exemption is particularly interesting from a market perspective," explains Dr. Eliza Montgomery, precious metals strategist at Capital Resource Partners. "Unlike industrial metals, gold serves both industrial and investment functions, and introducing tariffs would have created substantial distortions in a market that traditionally moves freely across borders."

Market data indicates copper prices initially declined 3.2% following the announcement before stabilizing, reflecting trader uncertainty about how exemptions might impact global supply chains. The domestic copper industry, which imports approximately 35% of its requirements, has responded with cautious optimism.

​On April 2, 2025, President Donald Trump announced a comprehensive overhaul of U.S. trade policy, introducing "reciprocal tariffs" aimed at aligning U.S. import duties with those imposed by other countries on American goods. The policy includes a baseline 10% tariff on all imports, with higher rates for specific countries:​

By Khagan Isayev