Ahead of the May 1 tariff extension deadline, President Trump announced he would extend waivers to the 232 steel and aluminum tariffs by one month for material from Canada, Mexico, and the European Union. This will allow the governments to continue negotiating potential deals that could lead to permanent waivers.
Argentina has gained a permanent extension after agreeing to limit exports to a certain quota. Australia and Brazil have agreed to trade quotas – negotiations are not complete, but tariffs have been waived pending final agreements.
Although China did not receive a waiver, the U.S. and Chinese governments continue to hope for a way around their trade differences and avoid an escalated trade war. A U.S. Administration delegation that includes the Secretaries of Treasury and Commerce and the U.S. Trade Representative visited China for talks on measures the two governments could agree would lead to their standing down from levying tariffs on billions of dollars of bilateral trade, including a 25% tariff on aluminum scrap to China and 25% tariffs on equipment and parts to the United States.
Ferrous Beat Main