Presidential Proclamations on Section 232 Tariffs Say No Expiration Date for Brazil, Argentina, Australia Exemptions
President Donald Trump's proclamations on the latest extensions to country exemptions on the Section 232 tariffs (see 1804300064) will be published in the Federal Register on May 7. The proclamations on steel and on aluminum say that while Canada, Mexico and the European Union face a June 1 deadline to agree to "satisfactory alternative means" to ameliorate the national security threat their imports cause, Australia, Brazil and Argentina do not have an expiration date on their exemptions. The president said since those countries have reached agreements in principle, he didn't think a deadline was necessary. But if those agreements are not finalized promptly, he reserves the right to impose tariffs.
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Argentina accepted quotas on both metals that are below last years' sales, but at or above a three-year average of sales (see 1805020037). Brazil said quotas were imposed against its will on steel products, and it chose to take the aluminum tariff under duress.