When will Trump's tariffs be canceled?

Traders in the US steel market are skeptical about news that the US and EU may soon agree to drop Trump-era tariffs 232.

Allegedly, there is a draft agreement, which seems to say that the tariffs will be canceled by December, but the details are few, and the draft itself is not a public document.

During a June 9 press conference with White House Press Secretary Jen Psaki and National Security Adviser Jake Sullivan en route to England, officials declined to name a specific timeline when a decision could be made.

“Well, you know, in a real spirit of constructive engagement, the US and EU agreed to pause in tariff increases in response to 232,” Sullivan says. “This has provided time and space for negotiations that we hope will have a result that will significantly address the problem of overcapacity in China. And we see this as a serious problem that affects both Europe and the United States, and which needs to be effectively addressed. "

Sullivan added that tariffs are currently not rolling back, and "... I think it will take some time to figure it out, which is why this tariff cut was so important ... because it gives us time and space."

A sheet metal buyer from the Midwest says lifting tariffs - traditionally a Democratic trade tool - is likely to cause problems for the Biden administration.

“If they remove all tariffs from all countries, it will have a huge impact, but I don’t think that will happen,” he says. "United Steelworkers will fight the Demis."

However, a West Coast buyer says some of the administration's infrastructure plans may not be feasible at such high domestic prices.

“I saw something about this over a month ago - I got the impression it was still 2022,” he says. “I think if the federal government is going to spend on infrastructure, it might want to ease some of the trade restrictions. Otherwise, we can finish one strip with a trillion dollars allocated for the project. "