Trump Trade War - US likely to extend steel and aluminum tariff exemptions - Report
Commerce Secretary Wilbur Ross said that the Trump administration plans to extend relief from steel and aluminum tariffs to some countries, but not all, when their temporary exemptions expire on Tuesday. Mr. Ross, in an interview in Washington late on Saturday, declined to identify which countries would be spared from the tariffs. He said the announcement will be made right before the May 1 deadline for the duties to kick in. The secretary indicated on Friday that countries have been asked to accept import quotas in return for tariff-free access of the metals into the United States.
CNBC, citing sources who have been in discussions with the Trump administration, reported that “The extensions may vary in length for each country, based on the progress made in talks on this and other trade issues. For instance, Canada and Mexico would be granted an extension because they have made progress on steel and aluminum issues in NAFTA talks, which resume late next week. It's unclear where talks with Brazil, Australia and Argentina stand. South Korea's exemption from tariffs is permanent because it agreed to quotas as part of a new trade deal. Administration officials have asked other countries what level of quotas they would agree to.
One person briefed by the administration told CNBC that "Quotas are an active part of the discussion with every country on the exemption list."
The May 1 deadline on the tariff exemptions was set in a presidential memorandum. An extension would be granted in that same way. The final decision on granting an extension will be up to President Donald Trump.
The USTR declined to comment. The White House, the Commerce Department and the National Security Council did not respond to requests for comment before publication.
Source : CNBC