United States reaches agreement on steel, aluminum tariffs with 3 countries

Remigio Civitarese
Mag 2, 2018

Officials said Washington reached agreements for permanent exemptions for Argentina, Australia and Brazil.

Australia's exemptions from USA steel and aluminium tariffs are both permanent and unconditional, the government has said as it denied reports that the deal is subject to quotas.

"Nevertheless, if the satisfactory alternative means are not finalised shortly, I will consider reimposing the tariff", the proclamations said.

A 25% tariff on steel exports to the United States and 10% tariff on aluminum went into effect March 23 as a result of Commerce's Section 232 investigations into the effect of these imports on USA national security. Canada and Mexico are expected to get an exemption (subject to NAFTA). "The Administration has reached a final agreement with South Korea on steel imports, the outlines of which were previously announced by U.S. Trade Representative Robert Lighthizer and Republic of Korea Minister for Trade Hyun-chong Kim".

U.S. President Donald Trump has invoked a 1962 trade law to erect protections for U.S. steel and aluminum producers on national security grounds, amid a worldwide glut of both metals that is largely blamed on excess production in China.

As a result of South Korea's exclusion from the tariff as well as the measures being finalized for Argentina, Australia and Brazil, it is "necessary and appropriate at this time to maintain the current tariff level as it applies to other countries", the proclamation stated.

"Trump issued two proclamations authorizing modifications of the Section 232 tariffs on steel and aluminum", the White House said in a statement.

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