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U.S. Steel and Aluminum Tariff Exemptions Set to Expire This Week

Thursday, May 31, 2018

(North American Meat Institute)

Country-specific exemptions from the U.S.'s worldwide steel and aluminum tariffs are set to expire June 1, unless the Trump administration grants them additional extensions from the duties. President Donald Trump on April 30 delayed the tariffs for Mexico and Canada pending progress on North American Free Trade Agreement (NAFTA) negotiations and for the European Union (EU), among other countries, to provide time to reach alternate agreements. Six nations, however, have threatened $3.45 billion in retaliatory tariffs against the U.S. should the steel and aluminum duties take effect. The EU announced it would impose $1.6 billion of additional levies on U.S. products. Russia, Japan, Turkey and India have also prepared added duties on U.S. imports, according to World Trade Organization filings. The U.S. imposed tariffs on steel and aluminum imports in March as part of its Section 232 action, which determined such imports posed a threat to national security.

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