US extends decision on metals tariffs for Canada, EU and Mexico by 30 days

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The Trump administration on Monday (local time) announced that it has extended a decision on implementing steel and aluminum tariffs on the European Union (EU), Canada and Mexico.

The decision has been delayed for another 30 days. The 25 per cent tariffs on steel and 10 per cent on aluminum were set to go into effect on Tuesday, reported the New York Times.

Negotiations will continue for the next 30 days with the 28-member bloc, as well as Canada and Mexico. The White House said this would be the final period to reach a deal with the key trading partners.

Those extensions will affect the EU, Canada and Mexico.

The administration has also reached agreements in principle on tariffs with Australia, Argentina and Brazil and they will also receive a 30-day extension so details can be finalized.

The US had been seeking concessions from these countries in exchange for not permitting the tariffs to go into effect.

South Korea's exemption from tariffs is permanent because it agreed to quotas as part of a new trade deal, according to the reports.

Trump's trade team is heading to Beijing this week to try to work out an agreement with China's leaders over another round of proposed tariffs.