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Temporary tariff exemptions on imports of steel and aluminum into the U.S. from multiple countries, including Canada, were extended by one month on May 1st. The other countries involved include Mexico and the member countries of the European Union (EU).
The White House’s original plan, announced in March, was to apply tariffs of 25 per cent on imported steel and 10 per cent on imported aluminum from all countries. But the announcement was quickly reversed after the stock market dropped 2% and many important U.S. politicians spoke out against the tariffs.
Varying degrees of progress are being made with other countries:
- South Korea: deal on steel imports
- Argentina, Australia, Brazil: negotiations on steel and aluminum nearing completion
- China: little or no progress
Canada and EU countries have announced that they will retaliate if the threatened U.S tariffs are implemented.
For more information, contact Brian Rowe, Director – Customs Compliance & Regulatory Affairs.
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