The European Union, Australia, Argentina, Brazil and South Korea are among the nations that will get an initial exemption from looming steel and aluminum tariffs from the Trump administration, U.S. Trade Representative Robert Lighthizer said Thursday.
President Donald Trump is planning to impose tariffs of 25 per cent on imported steel and 10 per cent on aluminum — trade penalties aimed at China for flooding the world with cheap steel and aluminum.
Lighthizer told the Senate Finance Committee that there are countries involved in various stages of trade talks with the U.S., and that Trump decided "to pause the imposition of tariffs with respect to those countries." The trade official also cited Canada and Mexico in his list. The U.S. is in consultations with the two countries in an effort to renegotiate the North American Free Trade Agreement. Click here to read more.