The US postponed until June 31 the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico, avoiding for the time being a major trade skirmish with trading partners.
The delay will give Trump administration officials more time to work out deals with the EU and Mexico and Canada to address the US national security concerns the administration cited for imposing the tariffs.
President Donald Trump has signed a proclamation to delay the implementation of tariffs.
The administration has also reached a final agreement with South Korea on steel imports, the outlines of which were previously announced by US Trade Representative Robert Lighthizer and Republic of Korea Minister for Trade Hyun-chong Kim, the White House said in a statement.
The administration has also reached agreements in principle with Argentina, Australia, and Brazil with respect to steel and aluminium, the details of which will be finalised shortly, it said.
Trump in March decided to slap tariffs of 25 per cent on imported steel and 10 per cent on imported aluminium. He justified the action by saying it was needed to protect American metal producers from unfair competition and bolster national security.
As per the proclamation, the administration is also extending negotiations with Canada, Mexico, and the European Union for a final 30 days.
In all of these negotiations, the administration ...