Trump cuts tariffs on steel and aluminum for a select few

President Donald Trump has signed a decree allowing producers of steel and aluminum from some countries to exceed the amounts specified in his March order and not pay high tariffs.

Under this regulation, countries such as South Korea, Brazil or Argentina will be able to ship more steel and aluminum to the United States, and Argentina will be able to send excess amounts of aluminum.

“Companies from these countries can apply for more export licenses to the US than indicated. This is due to a grounded qualitative or quantitative deficit that US manufacturers cannot meet, ”the Commerce Department's communiqué explains.

As part of the White House's protectionist trade policies, higher steel and aluminum tariffs to the United States have led to a severe drop in exports of US soybeans and motorcycles exported to China and the EU, as well as to complicate US relations with China. They also proved to be unfavorable for the American market. Metal prices in the United States rose 33% in the case of steel and 11% in the case of aluminum.

A number of countries have entered into negotiations on bilateral trade agreements with the United States. They are also conducted by the European Commission, which represents the EU member states in business negotiations. The Commission is currently working on an agreement that would minimize the costs of Trump's new trade policy.