Key Takeaways

• A single Supreme Court ruling erased the legal basis for most country-level US duties in February, yet the steel rate never moved. The reason importers still paid more in 2026 sits in a valuation change that most supply agreements were never written to absorb.
• One spring proclamation redefined what a steel duty is assessed against. The shift is worth more to a landed cost than several rate increases would have been, and it reaches goods that no buyer would classify as steel products.
• Canadian countermeasures took effect this week under a US statute that had sat dormant for most of a century. The exposure runs through a product list far wider than flat-rolled, and the reciprocal date already on the calendar for January is the larger problem.

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