US-Aust tariff deal ‘finalised shortly’

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US President Donald Trump has postponed the introduction of steel and aluminum tariffs on Canada, the EU and Mexico until June 1, and has concluded permanent derogations for Argentina, Australia and Brazil, says The White House.

The decisions came just a few hours before temporary exemptions from the tariffs in these countries expired at. 12.01 Tuesday (211 AEST).

In a statement on Monday, the White House said the details of the deal with Brazil, Argentina and Australia would be completed shortly. It did not publish terms.

"The administration also extends negotiations with Canada, Mexico and the EU for a final 30 days. In all these negotiations, the administration is focused on quotas that will restrict imports, shipment and protect national security," said the White House.

Spokesmen for Australian Prime Minister Malcolm Turnbull and Trade Minister Steven Ciobo refused to comment when they were contacted by Reuters about the terms of the agreement before the White House official announcement.

Shares in Bluescope Steel Ltd, Australia's only steel producer, rose on reports of the deal after opening lower.

A source that was aware of the decision said there would be no further extensions after 1 June in order to reduce tariffs.

Trump on March 23 introduced a 25% duty on steel imports and a 10% duty on aluminum in March, but granted temporary exemptions for Canada, Mexico, Brazil, EU, Australia and Arg entina.

He has also granted a permanent relief for steel tariffs to South Korea.

Trump has invoked a trade law from 1962 to provide protection for American steel and aluminum producers for national security reasons between a global glut of both metals, largely due to the surplus production in China.

Rates have increased friction with American trading partners worldwide and have caused several challenges before the World Trade Organization.

Trump administration officials have said that instead of tariffs, steel and aluminum exporting countries should agree on quotas in order to obtain equivalent protection for American producers.

South Korea received its permanent exemption from steel tariffs by agreeing in quotas that would reduce its steel shipment by approx. 30 percent from the 2017 level.

Seoul is still subject to US aluminum taxes.

Canada, Mexico and the EU have insisted that they will not accept quotas to obtain permanent Canadian Prime Minister Justin Trudeau said Monday that any step from the US to introduce tariffs for Canadian steel and aluminum would be a "very bad idea "which guaranteed to interfere with trade between the two countries.

19659003] If the EU is subject to tariffs of 6.4 billion. Euro ($ A10.3 billion) Of the metals, it is exported to the United States annually. It has said that it will set its own duties of 2.8 billion. from make-up to motorcycles.

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