Australia remains exempt from Trump administration steel tariffs
The Trump administration has made a deal with the Turnbull government, exempting Australia from the US’s steel and aluminium tariffs.
The deal will be finalised “shortly”, with the 25% on steel and 10% on aluminium tariff originally set to launch on 1 May.
The US confirmed that it has reached an agreement with South Korea, and is still in the process of doing so with Argentina, Australia, Brazil.
For Canada, Mexico, and the European Union, the nation’s have been given a final 30 days to renegotiate.
Australia has “confirmation from the president of the United States that Australia will be exempt from its steel and aluminium tariffs,” stated the nation’s Prime Minister, Malcolm Turnbull, the Guardian reported.
“The exemption reflects the fair and reciprocal trade relationship Australia shares with the United States and underpins the unbreakable friendship between our two great nations,” he added.
Turnbull “secured an agreement with the US president that Australia will be exempt and that continues to be the case,” claimed Steve Ciobo, Australia’s Trade Minister.
The US Customs and Border protection agency issue a warning that new instruments needed to be implemented for the tariffs to not be introduced in May.
The Australian Industry Group stated last week that it was hopefully it would receive permanent exemption, but was preparing for an additional 30 days exemption.