With temporary exemptions due to expire at 12:01 a.m. Tuesday, President Trump on Monday postponed a decision on imposing steel and aluminum tariffs on Canada, Mexico, and the European Union until June 1, a person familiar with the matter told Reuters.
This person also said the Trump administration has "reached agreements in principle with Argentina, Australia, and Brazil, details of which will be finalized in the next 30 days." In March, Trump imposed a 25 percent tariff on steel imports and 10 percent tariff on aluminum, but several countries received temporary exemptions and South Korea was given a permanent exemption to steel tariffs, in exchange for agreeing to cut its exports to the U.S. by about 30 percent.
Canada is the largest source of steel imports into the U.S., and Prime Minister Justin Trudeau said on Monday if the U.S. made a move to impose tariffs on his country's steel and aluminum it would be a "very bad idea."