A little background – back in March 2018, President Trump imposed worldwide tariffs of 25% on imports of steel and 10% on aluminum. Countries such as Canada, Mexico and the European Union were temporarily exempted from these tariffs.
Later in April, the US gave South Korea a permanent exemption from these tariffs in exchange for a 30% reduction of SK exports of steel to the United States.
One country not exempted was China, and as posted previously on this blog, China retaliated with their own duties on many US imports to the middle kingdom.
Fast forward to May 1st and the current administration has extended negotiations on steel and aluminium tariffs for an additional 30 days with Canada, Mexico and the European Union. Tentative agreements have been reached with Argentina, Brazil and Australia.
Check back here for more details as they become available.