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U.S. talking to countries about tariff exemptions

Source: Wikimedia Commons

The United States is currently discussing the possibility of steel and aluminum tariff exemptions with a handful of countries. Reuters reports the U.S. is talking with the European Union, Australia and Argentina.

U.S. Trade Representative Robert Lighthizer testified before the House Ways and Means Committee today. Ambassador Lighthizer said President Donald Trump will soon make a decision on imposing tariffs against China. China has been accused 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 reported to the committee, “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 say 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.