U.S. Talking With Other Countries About Tariff Exemptions

TRADE

The U.S. is currently discussing the possibility of steel and aluminum tariff exemptions with a handful of other countries. A Reuters report says America is currently in talks with the European Union, Australia, and Argentina. On Wednesday, U.S. Trade Representative Robert Lighthizer testified before the House Ways and Means Committee that President Donald Trump will soon make a decision on imposing tariffs against China. Washington has accused China of stealing U.S. intellectual property.

A separate Reuters report says the president may target up to $60 billion in imports from China, using a mixture of tariffs and investment restrictions. Lighthizer told the committee that, “We’re losing to China in ways that are not reflective of the underlying economics.” Brazil is also a possibility when it comes to discussing tariff exemptions. South Korea is an exemption possibility, but Lighthizer says those discussions would take place during the negotiations to update the U.S. trade agreement with South Korea, known as KORUS. The U.S. has already granted tariff exemptions for Canada and Mexico.