According to a report from Reuters, Argentina has agreed to a deal with the US for permanent exclusion from the Section 232 tariffs in exchange for annual import quotas. The country will limit steel exports to the US to 180,000 tons per year.
According to US Census Bureau, the US imported 211,465 tons of steel from Argentina in 2017, mostly comprised of OCTG.
Argentina’s Production Minister Francisco Cabrera confirmed the news Tuesday. “After intense negotiations we reached an agreement with the government of the United States allowing Argentine aluminum and steel exports to be exempt from tariffs,” Cabrera said in a statement.
The Trump administration has indicated it has reached similar deals with Brazil and Australia, although nothing has been announced yet. Negotiations with the EU are continuing, while negotiations with Canada and Mexico are tied to ongoing NAFTA renegotiations.