Canada, Mexico and Europe
President Trump just announced the recent aluminum and steel tariff country exemptions have been postponed until June 1, 2018. Originally, Canada and Mexico would be exempt from the Section 232 duties imposed, 25% on steel and 10% on aluminum until May 1, 2018. Now, that has been postponed another month with the addition of the entire European Union. In fact, sources say The White House may come to an agreement to exempt other countries by that time frame, as well. Source say the additional countries include Argentina, Australia, and Brazil. South Korea, on the other hand, faces 10% duty on aluminum and exemption from steel tariffs.
Important news on South Korea, as well. There is now an absolute quota on those steel items from South Korea. Once the quota amount has been reached, import of those products will not be allowed until January 1, 2019. Read more below or click here.