President Donald Trump decided to postpone a decision on some allies, including the European Union, for 30 days.
The May 1 deadline for steel and aluminum tariff exemptions for U. S. allies has been extended, the White House said.
Instead, the White House has decided to postpone the decision on some allies, including the European Union, for 30 days to allow further discussions.
Those extensions will affect the EU, Canada and Mexico. As for Argentina, Australia and Brazil, a senior White House official said agreements have been reached in principle, and they will also receive a 30-day extension so details can be finalized.
South Korea’s exemption from tariffs is permanent because it agreed to quotas as part of a new trade deal. Administration officials have asked other countries what level of quotas they would agree to.
One person briefed by the administration told CNBC: “Quotas are an active part of the discussion with every country on the exemption list.”
U. S. Trade Representative Robert Lighthizer is leading the process for country exemptions, except for the European Union, which Commerce Secretary Wilbur Ross is leading. The Department of Commerce is also spearheading the process for product exemptions. The National Security Council is overseeing the entire process.
The May 1 deadline on the tariff exemptions was set in a presidential memorandum on the topic.
Here’s the statement on the extensions:
—CNBC’s Lori Ann LaRocco and Kayla Tausche contributed to this report.
