European Union, Canada, and Mexico Given One Month Exemption From Steel and Aluminum Tariffs; Deals Reached With Other Countries

The White House announced that they will extend current suspensions of tariffs on steel and aluminum imports until June 1 for European Union member countries, Canada and Mexico. In addition, the White House announced they have reached preliminary deals with Argentina, Australia and Brazil, excluding them indefinitely from the tariffs.<br />The...

The White House announced that they will extend current suspensions of tariffs on steel and aluminum imports until June 1 for European Union member countries, Canada and Mexico. In addition, the White House announced they have reached preliminary deals with Argentina, Australia and Brazil, excluding them indefinitely from the tariffs.

The proclamations signed by President Trump:

  •  Suspend until June 1, tariffs on steel and aluminum tariffs on imports from the European Union, Canada and Mexico. The extension has been described as a “final” extension as the administration seeks to negotiate outcomes that will impose “quotas that will restrain imports, prevent transshipment, and protect the national security.”
  •  Suspend indefinitely steel and aluminum tariffs on imports from Argentina, Australia and Brazil, with which the administration indicated it had reached preliminary agreements that will be finalized in 30 days.
  •  Suspend indefinitely steel tariffs on imports from South Korea in recognition of the final quota agreement with South Korea. 

The decision to issue these exclusions comes just days ahead of a White House delegation's trip to Beijing to hold trade talks with Chinese officials.

Source: www.wdma.com