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EU, Canada, Mexico Get New Reprieve on U.S. Tariffs
The Trump administration has delayed for another 30 days a decision about imposing tariffs on aluminum and steel from the European Union, Canada and Mexico.
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The Trump administration has delayed for another 30 days a decision about imposing tariffs on aluminum and steel from the European Union, Canada and Mexico.
The taxes of 10% on aluminum and 25% on steel were to take effect today after the expiration of an initial 30-day reprieve. Only South Korea has so far negotiated a continuing exemption. Three other countries—Argentina, Australia and Brazil—are finalizing similar deals.
Analysts say the White House has postponed a ruling for Canada and Mexico because it has reached a delicate point in negotiating a revised North American Free Trade Agreement with them. The White House also doesn’t want to risk an immediate trade war with the EU as it presses China for trade adjustments, observers suggest.
But a postponed tariff decision by the U.S. also prolongs economic uncertainty, The New York Times points out. It suggests the ambiguity has left businesses reluctant to invest or hire workers.
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