A decision from the Trump administration on whether to apply tariffs after a section 232 “national security” review of the automotive sector is overdue. The case is complicated in being tied up with wider trade deal making with the EU, Canada, Mexico, Japan and South Korea. The impact of section 232 tariffs can be seen in the steel and aluminum sector after a review that ended in early 2018. Firstly, rates matter. Imports of steel – where tariff rates of 25% were applied in Mar. 2018 – have fallen by 30.7% in 3Q 2019 versus 3Q 2017. Imports of aluminum had a 10% rate applied and only fel...