Trump delays till June 1 import tariffs on steel, aluminum for EU
US President Donald Trump's administration has extended the May 1 deadline for steel and aluminum tariff exemption for Washington’s allies including the EU.
The US administration said it would delay until June 1 import tariffs of 25 percent on steel and 10 percent on aluminum for the EU, Mexico and Canada.
The administration also added it reached agreements with Argentina, Australia and Brazil on 'alternative means' to address steel tariffs. But it dded if these alternatives aren't finalized shortly it leaves open the possibility of re-imposing tariffs.
Back in March, Trump imposed worldwide tariffs of 25% on US imports of steel and 10% on aluminum. After a short while, some countries were exempted temporarily from those tariffs, including Canada, the EU and Mexico.
In reaction, the EU announced that delaying the decision ‘prolongs market uncertainty’, which was already having an effect on businesses. It also warned that ‘as a longstanding partner and friend of the US, we will not negotiate under threat.’
South Korea was given an indefinite exemption in return for a 30% cut in its steel exports to the US.
China which was not included in the exemptions initially warned against such an economic war but went on to adopt retaliatory measures by imposing its own duties on 128 US products, including beef, cars and soybeans.
In response, the US announced 50 billion dollars of tariff on Chinese goods, particularly electronics, aircraft parts and medicine.
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