The White House announced it will exempt steel, aluminum, copper and a wide range of other base and precious metals from new reciprocal tariffs. The decision is aimed at avoiding price shocks and supply disruptions, especially for commodities where the U.S. heavily depends on imports.
These exemptions cover critical materials like gold and rare earths, signaling caution in sectors where China dominates the global supply chain. While the administration may still explore new trade actions under Section 232 of the Trade Expansion Act, current exemptions ease pressure on manufacturers and prevent additional costs from stacking up.
The United States imports over 80% of its rare earths, 75% of its zinc and tin and more than 50% of its lithium, highlighting the strategic importance of maintaining steady supply lines.
Meanwhile, U.S. steelmakers have benefited from earlier tariffs, seeing stock gains despite a slowdown in construction and rising borrowing costs. Aluminum producers have had mixed results, with Century Aluminum slightly up for the year and Alcoa down sharply due to its overseas production exposure.
China’s full response is pending, but it has already restricted exports of niche metals as a countermeasure.
Reference
Mining.com. (2025) U.S. excludes steel, aluminum, gold from reciprocal tariffs. April 2.