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U.S. “Pauses” Tariffs on European Aluminum, Steel
President Donald Trump has decided to suspend plans to slap tariffs on aluminum and steel from the European Union pending the outcome of further discussions.
#economics #aluminum #labor
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President Donald Trump has decided to suspend plans to slap tariffs on aluminum and steel from the European Union, pending the outcome of further discussions.
The worldwide tariffs began today at a rate of 25% on imported steel and 10% on imported aluminum. Last week the White House said Canada and Mexico would be spared, at least until talks conclude about revising the North American Free Trade Agreement.
U.S. Trade Representative Robert Lighthizer tells a Senate committee that the provisional suspension also covers Argentina, Australia, Brazil and South Korea. He says Trump believes that some countries should be able to sidestep the taxes by meeting certain criteria.
BBC News estimates that the countries temporarily spared from the tariffs account for more than two-thirds of the $33 billion worth of steel the U.S. imported last year.
Reports last week suggested that at least some countries could avoid the new taxes by capping the value of aluminum and steel they export to the U.S. at 2017 levels.
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