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US government exempts steel and aluminum tariffs for 42 companies

Jun. 21, 2018

According to a written affair submitted by the US Secretary of Commerce Ross to the Senate Finance Committee, the Trump administration exempted 42 companies from imports of steel and aluminum tariffs, but 56 applications were also rejected. Rose said that in the near future, the number of exemptions will increase substantially.


According to reports, the United States has exempted 42 companies from importing steel and aluminum tariffs, which is only a small part of the approximately 20,000 requests received from the United States and foreign companies after the United States began to impose tariffs. According to Rose, in the near future, you can see that the number of exemptions will increase significantly. But when this happens, Rose did not explain.

According to reports, Rose did not provide a list of companies that were included in the exception. He also stated that the United States can cancel import taxes on steel from Canada and Mexico if it can reach an agreement with the two countries on overall trade.


On the 20th, the European Commission reported that the European Commission, in order to balance the situation, decided to impose supplementary tariffs on certain commodities imported from the United States to the European Union in response to the United States' new tariffs on imported steel and aluminum products. The news said: "The measures will target a list of goods worth 2.8 billion euros (about 20.7 billion yuan) and will take effect on June 22.”


Recently, Russia’s Minister of Economic Development Oleshkin stated that Russia will adopt balanced measures on goods imported from the United States in the near future in response to the United States’ tariffs on steel and aluminum products. At the same time, Mexico had earlier announced the imposition of tariffs on imports of steel, pork, and Bourbon wines from the United States in order to retaliate against the United States' decision to impose tariffs on its imports of steel and aluminum.


In early June, US President Trump imposed tariffs of 25 percent and 10 percent on steel and aluminum products in the European Union, Canada, and Mexico, respectively, ending the exemption arrangements since March. Canada announced that it will impose retaliatory tariffs on US$16.6 billion (US$12.9 billion) of U.S. exports since July 1.


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