White House Extends Steel, Aluminum Tariff Negotiations Another 30 Days

White House Extends Steel, Aluminum Tariff Negotiations Another 30 Days

Chinese steel was the target of the tariffs that President Trump announced earlier this year. Morgan Newfield analysts reported that negotiations with Argentina, Brazil and Australia have resulted in permanent exemptions from the tariffs on steel and aluminum.

The Trump administration wants to put a 25 percent tariff on steel and 10 percent on aluminum, but some countries are seeking waivers.

The U.S. reached a final agreement on terms that will exempt South Korea from the tariffs.

A White House statement said President Donald Trump's administration had reached an in-principle deal on the tariffs with Australia, Argentina and Brazil.

The White House said late Monday that broad tariffs of 25% on steel and 10% on aluminum-already in effect against China, Russia, Japan and others-wouldn't go into force for the European Union on Tuesday as previously planned.

"We agree that there is a problem of excess capacity in the steel and aluminium sector".

"We must stand firm and united versus the United States and convey one and the same message - that there must be a total, permanent exemption short of which there will be no talks", he said.

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

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"It's nice to have a little breather", said John McDonald, an executive at Trans-Matic Manufacturing, a supplier of precision metal components in Holland, Michigan, which buys $16.5 million in steel annually, some of it from Finland, the Netherlands, Russia and Taiwan. "It's a businessman's approach, where you make the biggest threat possible, and then use that as a starting point to negotiate". 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.

"An amount equivalent to 100% of the average of aluminum and 135% of the average of the steel exported in the last three years to that country will enter without tariffs", it said.

In a presidential proclamation, Trump allowed another 30 days for the EU, Canada and Mexico to continue negotiations for permanent exemptions.

The extension offers temporary reprieve for French president Emmanuel Macron and German chancellor Angela Merkel, who lobbied Trump during visits to the White House last week.

The response to the move was swift, with the European Commission saying, "The US decision prolongs market uncertainty, which is already affecting business decisions". "The EU should be fully and permanently exempted from these measures, as they can not be justified on the grounds of national security".

The tariffs, which have increased frictions with USA trading partners worldwide and prompted several challenges before the World Trade Organisation, are aimed at allowing the two United States metals industries to increase their capacity utilisation rates above 80pc for the first time in years.

But Brazil's Foreign and Trade Ministries said on Wednesday the USA government had called off talks on April 26 after giving Brazil the option of picking between tariffs or quotas.

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