Some US Steel And Aluminum Tariffs Delayed

05 May, 2018, 01:36 | Author: Roderick Gutierrez
  • GETTY FOXFarage said this marks the first time that the EU has been defied by another global power

In his April 30 proclamation, Trump said the US has concluded discussions with South Korea on alternative means to prevent national security threats posed by Korean steel imports.

The White House announced yesterday it is delaying a decision on on 25 percent tariffs on steel and 10 percent duties on aluminum for several close USA trading partners until June 1.

Lighthizer said the country had already followed that path with steel and aluminum - products now subject to steep U.S. tariffs - as well as semiconductors and "now they want to do it in all these areas, many of which will drive the economy". South Korea has also secured permanent exemptions with some concessions that observers say will have limited impact on its bilateral trade with the U.S.

He justified the action by saying it was needed to protect American metal producers from unfair competition and bolster national security.

President Trump said a delegation is heading to China to begin talks on the massive U.S. China trade deficit.

The U.S.is seeking to use the tariff threat to pressure Canada and Mexico to rewrite the North American Free Trade Agreement more to President Donald Trump's liking.

South Korea's permanent exemption is in exchange for having agreed to cut its steel exports to the United States by about 30 per cent.


He added, "Same with other countries and NAFTA.but it will all get done".

"If those tariffs were to hit, our prices would go up and we would no longer be competitive", says Trans-Matic President Patrick J. Thompson.

Trump on Monday said the "necessary and appropriate means to address the threat to the national security" posed by the metal imports is to "continue these discussions and to extend the temporary exemption of these countries".

The Aluminium Association of Canada said the industry needs assurances from the United States over tariffs as quickly as possible to protect supply chains that have grown increasingly connected over past half century.

The permanent exemptions on steel imports from Brazil and Korea are hopeful news for US tire manufacturers, which are wholly dependent on imported steel wire rod as a source of steel tire cord. Trade representatives from both countries released a joint statement at the end of March, but details have not been released.

For almost two months, domestic companies have endured higher prices and burdensome requirements for seeking individual tariff exemptions. "Fundamentally, the German government's expectation remains a permanent exemption". But the bloc has also stressed that it wouldn't negotiate a trade accord "at gunpoint", calling on Mr. Trump to first exempt the European Union unconditionally and indefinitely from steel and aluminum tariffs. The US on Monday confirmed that South Korea was granted a permanent exemption.

Australia has a $42.7 billion trade relationship with the U.S., but imports more than it exports. The US and European Union have complained for years that Chinese steel producers unfairly benefit from state subsidies and dump their products on the world market.

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