Steel and Aluminum Tariff Country Exemptions Extended Until June 1

President Donald Trump extended exemptions from Section 232 duties on steel and aluminum until June 1 for the European Union, Canada and Mexico. He also announced the U.S. has reached agreements in principle on exemptions from tariffs for Brazil, Argentina and Australia, alongside a final agreement on steel tariffs with South Korea.

Discussions are continuing with the EU, Canada and Mexico, the president's proclamations on steel and aluminum said, and he believes the discussions will be more productive if the countries continue to be spared from tariffs. The proclamations also say drawback will not be available on entries subject to the Section 232 tariffs.

Even though South Korea, Brazil, Argentina and Australia are all expected to avoid steel tariffs, South Korean aluminum exports will be subject to a 10 percent tariff; the aluminum proclamation suggests that if the final agreements are satisfactory, Brazil, Argentina and Australia will not. The proclamations were released less than three hours before the temporary exemptions were to expire at one minute past midnight on May 1.