U.S. Extends Steel Tariff Exemptions for Canada, Mexico, E.U., Others

SEATTLE (Scrap Monster): The United States announced on April 30 that it would delay the implementation of tariffs on steel and aluminum imports from Canada, Mexico, the European Union and four other countries.

In March, President Trump announced that the United States would impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports in the interest of national security. He exempted several countries with whom the United States has a “security relationship” and was in discussions to “arrive at a satisfactory alternative means to address the threat to the national security.” Those exemptions expired at the end of April.

Agreements on alternative approaches have been reached in principle with Argentina, Australia, Brazil and South Korea, and Trump said that he is indefinitely exempting those countries from the tariffs to allow time for the pacts to be completed and implemented.

“The United States is continuing discussions with Canada, Mexico, and the EU,” Trump said in a presidential proclamation. “I have determined that the necessary and appropriate means to address the threat to the national security posed by imports of steel articles from these countries is to continue these discussions and to extend the temporary exemption of these countries from the tariff … Unless I determine by further proclamation that the United States has reached a satisfactory alternative means to remove the threatened impairment to the national security by imports of steel articles from Canada, Mexico, and the member countries of the EU, the tariff shall be effective June 1, 2018, for these countries.”

Separately, the United States is continuing negotiations with Canada and Mexico regarding revisions to the North American Free Trade Agreement (NAFTA).

Courtesy: AIIS