• Global geopolitical series: trump’s metal tariff plan brings EU to negotiating table

    Source: FxWire Pro - Commentary / 23 Mar 2018 02:55:01   Eastern Standard Time

    Earlier this month, President Trump announced 25 percent tariff on all Steel imports and 10 percent tariff on all Aluminum imports. While President Trump said that these tariffs are targeted to revive U.S. domestic Steel and Aluminum industries, one of its major purpose was to bring countries to the negotiating table, so Trump can fulfill one of his campaign promises and idea; to make better trade agreements with the United States.

    Earlier this week, the U.S. Commerce Secretary released a joint statement after his meeting with European Commissioner for Trade Cecilia Malmström, “We have agreed to launch immediately a process of discussion with President Trump and the Trump Administration on trade issues of common concern, including steel and aluminum, with a view to identifying mutually acceptable outcomes as rapidly as possible.” Though there were no official statements, unconfirmed reports suggest that other countries have also lined up to negotiate with the United States.

    As the tariff goes live this week on Friday, the United States has announced temporary exemptions for Argentina, Australia, Brazil, Canada, Mexico, South Korea, and the European Union. US Trade Representative Robert Lighthizer told a Senate committee that Trump authorized a "pause" in the imposition of the tariffs for the above-mentioned countries, as talks are underway to find a more permanent solution. The exemptions will remain in place until May 1, 2018.