This Morning in Metals: U.S. Considers Quotas for Countries With Temporary Tariff Exemptions
This morning in metals news, the U.S. is considering quotas for the nations that had their Section 232 tariffs exemptions extended by 30 days this week, Russian aluminum giant Rusal could find its way out from under the eye of U.S. sanctions and the U.S. is hoping for a NAFTA deal this month.
Quotas for E.U., Canada, Mexico?
Earlier this week, the U.S. announced it had extended the deadline on temporary Section 232 tariffs exemptions for the E.U., Canada and Mexico.
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So, what happens now?
According to a Reuters report, the Trump administration is considering quotas and other restrictions.
The U.S. has already approved a 70% quota for South Korea, which was originally on the short-term exemption list but negotiated a long-term exemption with no tariffs.
Rusal and Sanctions
Russian firm Rusal could in fact end up avoiding the impact of U.S. sanctions, according to a MarketWatch report.
According to the report, En+ Group, the owner of Rusal, told the U.S. Treasury that oligarch Oleg Deripaska would reduce his role with the company, which was a condition for the U.S. in its previous announcement on the potential easing of the sanctions.
Lighthizer Wants a NAFTA Deal This Month
U.S. Trade Representative Robert Lighthizer said he wants to reach a deal on NAFTA sometime this month, Bloomberg reported.
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“We’re going to meet again on Monday, and we’ll see if we can get a good agreement,” Lighthizer said on Tuesday, as quoted by Bloomberg. “I’d like to get it done a week or two after that. If not, then you start having a problem.”
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