This morning in metals news, several countries received good news ahead of the midnight deadline for the expiration of Section 232 tariff exemptions, Canada argues the steel tariff would hurt American jobs and LME copper falls to a three-week low.
Countries Breathe a Sigh of Relief on 232 Exemptions
Several countries originally won temporary exemptions from the Trump administration’s Section 232 tariffs on steel and aluminum, those being Canada, Mexico, the E.U., Australia, Brazil and Argentina (South Korea also had a short-term exemption, which became a long-term exemption after negotiations).
Those short-term exemptions were set to expire at midnight, but news came down Monday evening that the Trump administration has pushed back the deadline for talks on the exemptions for Canada, Mexico and the E.U., while also reaching agreements on permanent exemptions for Brazil, Argentina and Australia, Reuters reported.
Canada Says Steel Tariffs Would Hurt America
Canada argued the U.S.’s steel tariff would actually negatively impact American jobs, Reuters reported.
On Monday, the Trump administration announced that the deadline on Canada’s short-term exemption from the Section 232 tariffs will be pushed back to June 1.
LME Copper Falls
The price of LME copper dropped to a three-week low Tuesday, Reuters reported.
London copper fell to $6,752 per ton, according to the report.