U.S. extends tariff exemptions for EU, other allies
- 6 years ago
한국 철강 관세 최종 면제•EU 등에는 유예 1개월 연장 공식 발표
America recently granted exemptions to its new tariffs on steel and aluminum to key allies
Those were due to expire on Monday.
But just hours before the deadline, the White House announced that the exemptions would be extended.
It also confirmed that, for steel, South Korea is getting a permanent exemption.
Kim Hyesung reports.
South Korea has been granted permanent steel tariff exemptions from the U.S.
This comes after U.S. President Donald Trump authorized modifications to the U.S. steel and aluminum tariff measures.
In a statement Monday local time, the White House said it has reached a final agreement with South Korea on steel exports, which were part of the amendment to the South Korea-U.S. free trade deal.
Seoul earned its permanent exemption by agreeing to quotas that will cut its steel exports by about 30 percent, based on its average annual shipments to the U.S. between 2015 and 2017.
The exception does not apply to aluminum tariffs.
The White House also said it has reached agreements in principle with Argentina, Australia and Brazil concerning the tariffs, the details of which will be finalized shortly.
The U.S. is extending negotiations with the European Union, Canada, and Mexico for 30 days, postponing the temporary exemption deadline to June 1st.
The EU has said if it loses its exemption it will retaliate with its own tariffs on U.S. goods imported to Europe.
In March, President Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, but granted temporary exemptions to some of its key allies.
The prolonged exemptions for Canada and Mexico come as the U.S. is working to renegotiate NAFTA, the free trade agreement between the three countries.
Kim Hyesung, Arirang News.
America recently granted exemptions to its new tariffs on steel and aluminum to key allies
Those were due to expire on Monday.
But just hours before the deadline, the White House announced that the exemptions would be extended.
It also confirmed that, for steel, South Korea is getting a permanent exemption.
Kim Hyesung reports.
South Korea has been granted permanent steel tariff exemptions from the U.S.
This comes after U.S. President Donald Trump authorized modifications to the U.S. steel and aluminum tariff measures.
In a statement Monday local time, the White House said it has reached a final agreement with South Korea on steel exports, which were part of the amendment to the South Korea-U.S. free trade deal.
Seoul earned its permanent exemption by agreeing to quotas that will cut its steel exports by about 30 percent, based on its average annual shipments to the U.S. between 2015 and 2017.
The exception does not apply to aluminum tariffs.
The White House also said it has reached agreements in principle with Argentina, Australia and Brazil concerning the tariffs, the details of which will be finalized shortly.
The U.S. is extending negotiations with the European Union, Canada, and Mexico for 30 days, postponing the temporary exemption deadline to June 1st.
The EU has said if it loses its exemption it will retaliate with its own tariffs on U.S. goods imported to Europe.
In March, President Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum, but granted temporary exemptions to some of its key allies.
The prolonged exemptions for Canada and Mexico come as the U.S. is working to renegotiate NAFTA, the free trade agreement between the three countries.
Kim Hyesung, Arirang News.