This morning in metals news, the U.S. is in talks with several nations regarding possible exemptions from its steel and aluminum tariffs, Shanghai copper hits a six-month low Wednesday and the U.S. drops a bargaining point in the ongoing North American Free Trade Agreement (NAFTA) renegotiation talks.
Countries in Talks With U.S. Over Exemptions from Metals Tariffs
U.S. Trade Representative Robert Lighthizer on Wednesday said the U.S. is in negotiations with the E.U., Australia and Argentina regarding potential exemptions from the recently announced steel and aluminum tariffs, Reuters reported.
Lighthizer, addressing the House Ways and Means Committee, added he expected a decision soon from President Trump regarding potential tariffs on Chinese imports, which media reports earlier this week indicated could be valued at $60 billion.
Shanghai Copper Slides
Shanghai copper dropped to a six-month low Wednesday, Reuters reported, marking the fourth consecutive day of price drops.
U.S. Ditches Auto Content Request in NAFTA Talks
According to a report by Reuters citing The Globe and Mail, the U.S. has dropped its auto content rules request vis-a-vis the ongoing NAFTA renegotiation talks.
The U.S. has been pushing an auto content benchmark that calls for at least 50% of materials sourced from the U.S. for all vehicles made in Canada and Mexico that are exported to the U.S.