Select countries get relief from U.S. tariff hikes for aluminum and steel

The U.S. Commerce Department has stated Trump has signed proclamations permitting relief from U.S. tariffs on aluminum and steel for a select few countries.

As per the U.S. Commerce Department, U.S. President Donald Trump has signed proclamations which permit targeted relief of aluminum and steel tariffs to a few countries.

According to these signed proclamations, Argentina, Brazil and South Korea will get some relief from steel quotas while Argentina will also benefit from reduced tariffs for aluminum.

“Companies can apply for product exclusions based on insufficient quantity or quality available from U.S. steel or aluminum producers,” said the statement from the U.S. Commerce Department. “In such cases, an exclusion from the quota may be granted and no tariff would be owed.”

Tariffs on aluminum and steel from the European Union, Mexico and Canada, which took effect from June 1 are still in place.

According to U.S. Commerce Secretary Wilbur Ross, the arrangement with South Korea was for a quota of 70% of average steel exports to the United States in the years 2015 to 2017.

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Categories: Creativity, Economy & Finance, Geopolitics, Regulations & Legal, Strategy

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