US President Donald Trump has postponed the imposition of steel and aluminum tariffs on top US allies until June 1, giving the nations outside the bloc more time to negotiate deals.
The president eased trade pressure on the European Union Canada, and Mexico and has reached deals for permanent exemptions for Argentina, Australia and Brazil, the White House said on Monday.
The decisions came just hours before temporary exemptions from the tariffs on these countries were set to expire at 12:01 am (0401 GMT) on Tuesday, reports Reuters.
In a statement, the White House said that the details of the metals tariff deals with Brazil, Argentina and Australia would be finalised shortly, and it did not disclose terms.
“The administration is also extending negotiations with Canada, Mexico, and the European Union for a final 30 days.
In all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transhipment, and protect the national security,” the White House added.
A source familiar with the decision said that there would be no further extensions beyond June 1 to stave off tariffs.
Trump on March 23 imposed a 25 per cent tariff on steel imports and a 10 per cent tariff on aluminum in March, but granted temporary exemptions to Canada, Mexico, Brazil, the EU, Australia and Argentina.
The US president also has granted a permanent exemption on steel tariffs to South Korea.
Trump administration officials have said that in lieu of tariffs, steel- and aluminum-exporting countries would have to agree to quotas designed to achieve similar protections for US producers.
