White House Extends Tariff Exemptions

White House Extends Tariff Exemptions

White House Extends Tariff Exemptions

"In all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment and protect the national security", says a White House statement.

The White House said in a statement the administration would again postpone imposing tariffs on steel and aluminum from Canada, Mexico, and the European Union.

The White House said late Monday that broad tariffs of 25% on steel and 10% on aluminum-already in effect against China, Russia, Japan and others-wouldn't go into force for the European Union on Tuesday as previously planned.

The European Union and Canadian businesses are warning of more market uncertainty following the Trump administration's decision to delay USA steel and aluminium tariffs for the next month.

"South Africa is therefore not a cause of any national security concerns in the U.S. nor a threat to U.S. industry interests and is not the cause of the global steel glut".

President Donald Trump says his trade actions may cause "a little pain" in the short term, and a new study shows USA agricultural workers could be hurt the most.

Trump re-emphasised his dislike for North America Free Trade Agreement (NAFTA) as part of which Canada, Mexico and the United States eliminated tariffs, duties and quantitative restrictions on their trilateral trade.

The United States on Monday formally exempted South Korea from steep tariffs on steel imports, saying the move was in line with national security interests. "South Africa is concerned by the unfairness of the measures and that it is one of the countries that are singled out as a contributor to USA national security concerns when its exports of aluminium and steel products are not that significant", the DTI said.

"From the first meeting at Mar-a-Lago, President Trump was very clear that the major issue was the trade imbalance, that we wanted to have reciprocal trade, that our markets are open for China for investments, for trade, (but) their markets are closed".

Trump on Monday said the "necessary and appropriate means to address the threat to the national security" posed by the metal imports is to "continue these discussions and to extend the temporary exemption of these countries".

American producers are urging their government to give Canada a permanent tariff exemption on aluminum. "But we can only do that calmly when we are certain of being permanently exempted from the threat of unilateral tariff increases".

In March, the U.S. Trade Representative issued a report accusing China of employing unfair trade practices related to intellectual property and technology transfers.

The EU and United States should "develop a positive trade agenda in the interests of both sides", Steffen Seibert, Merkel's chief spokesman, said on Twitter Tuesday.

Concerns in recent days centered around whether that exemption would be made permanent.

The UK expressed its will to work towards a permanent exemption. The EU, Canada and Mexico took a temporary exemption till May 1 and negotiations are ongoing till now. Beijing owns most of America's more than $21 billion debt.

However, US steel consumers would have less choice and could be forced to pay more for steel products.

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