WASHINGTON - US President Donald Trump on Monday held off on imposing controversial tariffs on steel and aluminum from Canada, Mexico and the European Union, offering them a 30-day reprieve after fears of a trade war spooked Wall Street.
The 25 percent tariffs on steel and 10 percent duties on aluminum were set to go into effect on Tuesday, as temporary exemptions granted in March to Canada, Mexico, the EU and other US allies expired.
“We will continue to work closely with our EU partners and the US government to achieve a permanent exemption, ensuring our important steel and aluminum industries are safeguarded,” a British statement read.
“We remain concerned about the impact of these tariffs on global trade and will continue to work with the EU on a multilateral solution to the global problem of overcapacity, as well as to manage the impact on domestic markets.”
Europe had lined up its own punitive tariffs on American imports, including iconic items like Harley-Davidson motorbikes, blue jeans and bourbon whiskey -- but for now, instead, negotiations will continue.
The Trump administration is “extending negotiations with Canada, Mexico and the European Union for a final 30 days, the White House said in a statement. (AFP)