Trump Administration Delays Tariffs on Some Countries

Trump Administration Delays Tariffs on Some Countries

The White House said broad tariffs of 25% on steel and 10% on aluminum-already in effect against China, Russia, Japan and others-won't take effect for the EU Tuesday as previously planned.

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Brussels has already launched a safeguard investigation in response to the U.S. steel and aluminium tariffs, citing concern that imposing steel duties on other countries could lead to low-priced steel ultimately arriving on the European market from overseas - with potentially devastating effects for European industry. Beijing has put in place its own tariffs on a series of USA products in response to the Section 232 measures, targeting goods such as fruit and pork. After all, this was the aim that Donald Trump had set out in speeches and tweets ever since the start of his Presidential campaign.

After the announcement, the World Trade Organisation was among the first to react saying a trade war was not in anyone's interests, and Brussels threatened to retaliate if Mr Trump followed through with the tariffs. Pictured, a worker operates a furnace at a steel plant in Dalian, China.

South Korea's permanent exemption is in exchange for having agreed to cut its steel exports to the United States by about 30 per cent.

The never-ending cycle of reality tv-esque suspense coming out of the White House continues this week, as a delegation of White House officials travels to Beijing in an effort to avert the elusive all-out trade war some have feared since the current USA president took office. Last week, French President Emmanuel Macron and German Chancellor Angela Merkel both made their case to Trump for why the European Union bloc should get permanent and unconditional relief from the tariffs, partly arguing that they are America's security partners.

"It is not realistic to resolve all issues through one round of negotiations, but we believe that, as long as the United States is honest, to resolve the relevant issues, the negotiation will be a positive one", said foreign ministry spokeswoman Hua Chunying said.

The European Commission criticized the temporary extension in a statement Tuesday.

If the European Union is subject to tariffs on the 6.4 billion euros ($7.7 billion) of the metals it exports annually to the United States, it has said it will set its own duties on 2.8 billion euros of USA exports of products ranging from makeup to motorcycles.

Alibaba co-founder Joseph Tsai makes a strong case for why we might see a last minute plot twist in this episode of "who wants to start a trade war?" Picture: AAP Image/Daniel Munoz. "We are also very concerned about forced transfers of technology, about forced joint ventures; these are all the issues we will be discussing".

"When costs of raw materials like steel and aluminium are artificially driven up, all Americans ultimately foot the bill in the form of higher prices for everything from canned goods to cars", he told Maritime News earlier this month. With countries like South Korea, Mexico and Brazil being close contenders which will suffer as a result.

The administration has also reached agreements in principle with Argentina, Australia, and Brazil with respect to steel and aluminium, the details of which will be finalised shortly, it said.

Trump is also hoping to renegotiate the North American Free Trade Agreement (NAFTA) with the US' largest trading partners to secure a better deal for the country.

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