United States President Donald Trump has exempted the European Union (EU) and its other key trade partners from tariffs imposed on steel and aluminum imports.
The EU, along with Argentina, Australia, Brazil and South Korea, would not be subject to the levies, US trade representative Robert Lighthizer said before Senate Finance Committee on Thursday.
“The idea that the President has is that, based on a certain set of criteria, some countries should be out,” Lighthizer said.
“What he has decided to do, is pause the implementation of the tariffs in respect to those countries,” the trade representative added.
Earlier in the day, Trump imposed massive trade tariffs amounting to USD 60 billion on China, in an effort to stop the latter from stealing “intellectual property” from American companies.
President Trump signed a memorandum directing the Office of the US Trade Representative (USTR) and the US Treasury Department to launch a ‘broad range of actions’ against China in this regard.
Earlier in March, the US President imposes new tariffs on steel and aluminum imports, claiming the revised tariff plans have been introduced to stop “assault on our country”.
The new order saw a 25 percent tariff on imports of steel and a 10 percent tariff on aluminum. This might potentially have huge implications on the international trade front, with many experts predicting it will adversely affect oil prices.