SMU Community Chat: Alan Price unpacks latest in rapidly shifting tariff terrain

(Note: SMU subscribers can watch a full replay of the conversation on our website.)

“Facts are changing, policies are changing,” Price noted in his introduction. “Keep in mind that anything said today could be out of date in an hour or tomorrow or next week.”

Tariffs as tools

One of the key takeaways? The Trump administration is using some tariffs as negotiation tools, while others are here to stay.

Universal tariffs on Canada, Mexico, and China, for example, are being used as leverage to curb drug trafficking and illegal immigration.

The president has been clear, “If these problems are solved, these tariffs are likely to modify, reduce, or eliminate,” Price explained. “The goal here is to change behavior, and those are subject to constant change.”

Meanwhile, national security tariffs on steel and aluminum? The goal is for a thriving industrial sector. “These are the types of tariffs that the administration is unlikely to negotiate,” Price noted.

He emphasized that the government is pushing for increased domestic production.

“How do you encourage people to produce? Well, it has to be economically attractive,” Price commented.

By removing exemptions on tariffs, the administration aims to create price signals that will encourage investment in US manufacturing. Without these signals, companies have little incentive to expand.

The conversation also touched on potential legal challenges. Some wonder if companies will push back against the lack of an exclusion process. Price suggested that while challenges may come, the government’s stance is firm: Tariffs will stay unless industries prove they can compete without them.

Price dismissed inflation fears, pointing to past studies that showed minimal effects from similar tariffs.

Tariff pressure builds

Still, businesses are feeling the pressure. With tariffs applied to downstream products based on steel or aluminum content, importers are scrambling to understand the real costs. It’s unclear whether the additional costs will be absorbed (and by whom?) or passed on to consumers.

The leading steel trade attorney acknowledged that confusion and uncertainty around tariff policies are a major challenge for businesses right now. He suggested industry players need to stay informed and work together to navigate the shifting landscape.

He also stressed the need for companies to carefully analyze legal and regulatory details. Initial announcements – like tweets or executive orders – often lack key details, so businesses need to verify the final policies in the Federal Register and other official sources.

Since tariff rules can change quickly, businesses should consult trade lawyers to ensure compliance and avoid costly missteps. With the trade and tariff landscape in flux, Price’s final advice was clear: Stay informed, consult legal experts, and be ready to adapt.

Trade case tools are still here too

Since Price and his team at Wiley are representing Nucor in the coated steel trade case, Thursday’s conversation didn’t touch upon the ongoing investigation. However, responding to a question about anti-dumping and countervailing duties, Price noted, “I think we will continue to see trade cases be part of a mix of policy responses … they can be more targeted to discrete problems/issues” and controlled by the domestic industry.

It is important to note that ADs and CVDs must still be paid on all applicable imports in addition to any tariffs.

Editor’s note

Be sure to register and tune in to our upcoming Community Chats: Brent Wilson, CEO of Bilstein Cold Rolled Steel, will join us on March 26, and Algoma Steel CEO Michael Garcia on April 9.