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1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.Please see analyst certifications and important disclosures beginning on

3、page 12.Capital GoodsTariff pressure increases,US S-232widens to industrial goodsIn August the US expanded S-232 global 50%tariffs on Steel/Aluminium to include a wide range of industrial goods(400+categories).We think half of our CapGoods coverage(25companies)could be exposed to extra costs;those m

4、ore atrisk incl.:ALO,ELUX,NIBE,ENR,SKF,VWS,WRT,RAA.US Section 232 tariff broadening has added extra burden on industrials.Section 232,aglobal 50%tariff on Steel and Aluminium,has been extended to metal content in hundreds ofindustrial goods.In late August 400 of HTS codes(including close to 300 capi

5、tal goodscategories)were added to the tariff list(table 2).Among other products,the following wereincluded:trains and parts,engines and parts,compressors,wind turbines and parts,gasturbines,kitchen appliances,bearings,forklifts,mobile cranes,HVAC components,pumps,industrial robots,transformers.Europ

6、ean industrial companies previously were aiming to limitthe impact from country-specific tariffs by redirecting flows/supply chains to less impactedregions,but with S-232(a global tariff)this might not be a viable solution.The non-steel andnon-aluminum content will remain subject to the reciprocal a