Canada's Exemption On US Steel And Aluminum Tariffs Extended Until June 1

US postpones decision on steel tariffs

Canada has repeated its position that imposing punitive trade measures would hurt jobs in both countries, in reaction to U.S. President Donald Trump's decision to postpone steel and aluminum tariffs that were set to go into effect on Tuesday.

The U.S. did come to preliminary agreements with Argentina, Australia, and Brazil that would exempt those countries from the tariffs permanently.

Brazil's aluminum industry had opted for 10 percent import tariffs, while the steel industry opted for an imports quota system, the statement said.

S&D group deputy Bernd Lange, Chair of Parliament's worldwide trade committee, said that while the U.S. decision to extend the EU's exemption from tariffs was "an important step", but warned that, "it must not blind us to the fact that the United States measures are still in breach of global law and are meant to undermine our rules-based trade order". "These agreements underscore the Trump administration's successful strategy to reach fair outcomes with allies to protect our national security and address global challenges to the steel and aluminum industries".

Steel and aluminium exporters from China, along with other metal-exporting nations such as Japan and India, have been paying the U.S. tariffs since late March.

It has requested the World Trade Organization to investigate how the United States can compensate the European Union if trade flow is affected by the tariffs.

Tuesday's extension of the tariff reprieve "just lengthens the uncertainty", says Mark Vaughn, the company president.

"As a longstanding partner and friend of the U.S., we will not negotiate under threat".

Chinese officials are likely to propose terms such as agreeing to buy more US products to reduce the trade deficit and to cut a 25 percent tariff on foreign vehicles, according to The Wall Street Journal.

The White House claimed that Korea was exempted because its steel trade no longer threatened national security, the rationale for the Trump's government's new tariffs.

UK Steel director Gareth Stace warned: "30 days does not give us much time and all signs point towards a U.S. insistence on the restriction of steel exports by its allies".

The U.S. tariffs would likely raise steel prices in the United States, thereby increasing costs for American manufacturers that buy steel and putting them at a competitive disadvantage with foreign rivals that can buy cheaper steel.

The three European Union leaders also discussed the Iran nuclear deal, which Trump has threatened to scrap, the French presidency said.

He said such measures could hurt the USA auto and aerospace industries, which depend on imported materials.

On Monday night, the White House issued a statement saying the exemption would remain in place until June 1, 2018. South Korea had already been given a permanent exemption to the steel tariffs (but not aluminum) as part of a separate trade deal with that country.

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