The section 232 national security tariffs applied to U.S. steel and aluminum imports by the administration of President Donald Trump may only have had a minor effect on the value of imports. Total imports of the metals covered fell by just 7.0% in the third quarter vs. the second quarter and by just 1.7% vs. the first quarter. They’ve also proven controversial in the context of attempts to sign the U.S.-Mexico-Canada Agreement (USMCA) after Canadian exports fell 20.6% and Mexico’s by 9.5% in the third quarter sequentially. The duties may also hinder trade discussions with Japan and th...