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Trump delays decision on steel and aluminium tariffs

Trump delays decision on steel and aluminium tariffs

The waiver would exempt the facility from tens of millions in costs associated with the U.S. Renewable Fuel Standard - meant to curb emissions by requiring refineries blend billions of litres of corn-based biofuel into fuel supplies.

In a statement, the European Commission says that the decision "prolongs market uncertainty, which is already affecting business decisions".

"The EU has also consistently indicated its willingness to discuss current market access issues of interest to both sides, but has also made clear that, as a longstanding partner and friend of the USA, we will not negotiate under threat", the European Commission said in a statement.

The Trump Administration has left New Zealand out of temporary exemptions from steel and aluminum tariffs, a move which has left the NZ government "disappointed". He also reached agreements for permanent exemptions for Argentina, Australia and Brazil, it said.

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The U.S. government called off negotiations with Brazil on tariffs over U.S. protectionist measures and reinstated tariffs and quotas on imports of Brazilian steel and aluminum, according to a statement by the Brazilian government on Wednesday.

In 2017, the 28-nation bloc exported 5.99 billion US dollars worth of steel products to the United States, and 1.25 billion dollars of aluminum, making it the top exporter of steel to the United States and the fifth largest aluminum exporter. At the heart of the concerns is "Made in China 2025", Beijing's plan to pump hundreds of billions of dollars into industries like robotics, electric cars and computing with the aim of becoming a global leader in those areas.

Calling the renewed exemption as "positive", the British International Trade Department said in a brief statement that Britain "will continue to work closely with our European Union partners and the US government to achieve a permanent exemption, ensuring our important steel and aluminum industries are safeguarded".

On Tuesday, the European Union said the decision by the United States to extend the EU's exemption from the tariffs "prolongs market uncertainty, which is already affecting business decisions".

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The tariffs have increased friction with US trading partners and prompted several challenges before the World Trade Organization. Trump has threatened to add $100 billion of imports from China to initial list of $50 billion if China retaliates against US goods. California doesn't directly ship apples to the Chinese mainland, but reduced export rates of other apple producing states could potentially put pressure on the domestic market and push down prices as a result, said Alexander Ott, executive director. And the hit to farmers would more than double if the tariffs expanded to an additional $100 billion of products.

President Trump's decision puts off a move that could have enraged key American allies at a delicate moment, as the U.S. heads toward tricky negotiations with North Korea and is considering abandoning the Iran nuclear deal.

"Last night's decision is certainly a step forward", Canadian Foreign Minister Chrystia Freeland told reporters on Tuesday, adding: "Canada will continue to work for a full and permanent exemption". Stock prices fell almost 2 percent when the tariffs were announced. These countries were granted temporary exemptions on March 23. Security relationships with the US have also been part of the criteria.

In addition to Mnuchin, Lighthizer, Ross and Navarro, the group will include economic adviser Larry Kudlow, U.S. Ambassador to China Terry Branstad and Everett Eissenstat, deputy assistant to the president for International Economic Affairs. It has agreed to limit its exports to the United States and was granted a permanent exemption. Most other members countries, however, are not on the list of top US exporters. He has also granted a permanent exemption on steel tariffs to South Korea as part of a revision of a free trade pact that he sharply criticised. Ross asked at a conference of journalists.

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German Chancellor Angela Merkel spoke to Trump last week during a visit to the White House. "Anything that is discussed over there will come back to the president for approval", he said.