White House delays tariffs on EU steel

By Barry Eitel

SAN FRANCISCO

The administration of President Donald Trump announced late Monday it would delay tariffs set to be imposed on aluminum and steel imports from the European Union, Canada and Mexico.

The postponement will last for 30 days as the White House gears up for trade talks with China in the coming days.

“The administration is also extending negotiations with Canada, Mexico, and the European Union for a final 30 days,” the White House said in a statement. “In all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment, and protect the national security.”

In March, Trump signed an order officially imposing a 25-percent tariff on imported steel and a 10-percent tariff on imported aluminum. Trump said that the tariffs were necessary to spur job growth in the steel and aluminum industries in the United States.

Along with announcing the delay on tariffs for the EU and other allies, the White House said it has negotiated a trade agreement with South Korea regarding steel imports. Other deals had been reached with Argentina, Australia and Brazil, the White House said, with details to come once the agreements are finalized.

Currently, about 90 percent of aluminum used in American manufacturing is imported, as well as one-third of all steel. After the tariffs were announced, industry groups said consumers would face the brunt of the tariffs because of increased prices for items ranging from beer to cars to the thousands of other items built of the two metals or packaged inside them.

Since the tariffs were announced, many Trump critics were concerned that a trade war would be sparked between the U.S. and China, the world’s two largest economies. The trade spat could be wider, however; with the EU saying that it would consider retaliatory tariffs on the U.S.