US Downplays Chance of Breakthrough in China Trade Meeting

Trump Trade War- US likely to extend steel and aluminum tariff exemptions- Report

Trump Trade War- US likely to extend steel and aluminum tariff exemptions- Report

The US is continuing tariff exemptions for Australian steel and aluminium producers. The EU, Canada and Mexico took a temporary exemption till May 1 and negotiations are ongoing till now.

Trump's America first decided last Monday to prolong negotiations on steel and aluminium tariffs with Canada, the European Union and Mexico till June 1. "While our exports of steel and aluminium to the United States are not large, they are important to the businesses and workers in those industries", Parker said.

Brazil's aluminum industry opted for 10 percent import tariffs, while the steel industry opted for an imports quota system, the statement said.

Some have said the stand-off should be resolved by reopening talks over a wider EU-US trade deal.

The U.S.is seeking to use the tariff threat to pressure Canada and Mexico to rewrite the North American Free Trade Agreement more to President Donald Trump's liking.

According to the EC, EU Commissioner Cecilia Malmstrom will continue negotiations with U.S counterparts, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer.

The US has not granted South Africa an exemption on its increased steel and aluminium tariffs, this after the department of trade and industry (DTI) made representations to the US government.

China, Japan and Russian Federation haven't received exemptions from the duties.

South Korea earned its permanent exemption from steel tariffs by agreeing to quotas that will cut its steel shipments by about 30 per cent from 2017 levels.

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Agreements in principle have also been reached with Argentina, Australia, and Brazil on the tariffs, but details have not yet been released. Across the borders and overseas, news reports show many countries, mostly longtime allies of the United States, are increasingly becoming frustrated with Trump's threats.

Treasurer Scott Morrison said he has "no doubt" exemption would be honoured, while Trade minister Steven Ciobo said he expects a "deal that's been reached" between Prime Minister Turnbull and President Trump earlier this year to be honoured.

"US steel consumers are already reporting price increases and supply chain disruption and with the United Kingdom steel sector emerging from recent difficulties, significant curtailments on exports will only hinder recovery".

China was not included in the exemptions and it later retaliated with its own duties on some USA imports.

The US deficit in goods with China previous year was $375 billion, compared to just $83 billion in 2000, before Beijing joined the World Trade Organization.

The EU's frustration continued over tariffs the U.S. has justified on national security grounds. The 28 nations that make up the bloc serve as the largest single supplier of steel to the US, sending $6.2 billion across the Atlantic past year.

Members of the Trump administration's seven-man delegation to Beijing for talks to try to stave off a trade war between the world's two largest economies have widely divergent views on trade policy and tariffs, which may make it hard for them to speak with one voice.

In addition to Mnuchin, Lighthizer, Ross and Navarro, the group will include economic adviser Larry Kudlow, U.S. Ambassador to China Terry Branstad and Everett Eissenstat, deputy assistant to the president for International Economic Affairs.

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