The White House on Monday announced that the steel and aluminum tariff exemptions for EU member countries, Canada and Mexico will be extended until June 1 in order to give "a final 30 days" for them to reach agreements over trade negotiations.

"In all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment, and protect the national security," U.S. President Donald Trump said in a statement Monday.

Washington also agreed to exempt additional tariffs on steel and aluminum imports from Argentina, Australia and Brazil, because the White House has reached agreements in principle with these countries in regard to restricting metal exports to the United States.

The White House said the details of these agreements will be finalized shortly.

As South Korea agreed to be subject to steel exports quota to the United States as well as other measures to reduce excessive steel capacity, the Asian country will also be exempted from additional steel tariffs.

However, it will continue to face additional tariff on their aluminum exports to the United States, which will take effect on May 1.

Amid widespread dissent in business groups and trading partners around the world, Trump in March signed proclamations to impose tariffs of 25 percent on imported steel and 10 percent on aluminum, which took effect on March 23.

The White House then provided temporary exemptions for EU member states as well as Argentina, Australia, Brazil, Canada, Mexico and South Korea and had to decide whether to extend them until the end of Monday.

Related

Go to Forum >>0 Comment(s)