Temporary tariff exemptions on imports of steel and aluminum into the U.S. from multiple countries, including Canada, have been extended for 30 days. 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. However, the announcement was quickly revised after the stock market dropped 2% and many influential U.S. politicians spoke out against the tariffs, suggesting that Canada, Mexico and the EU be made exempt.
Varying degrees of progress is 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 please call Brian Rowe, Director – Customs Compliance & Regulatory Affairs at (905 882-4880, ext. 213.
