The US is likely to extend the exemptions under its Section 232 import tariffs beyond May 1 for some countries, according to media reports.
Although the US Secretary of Commerce Wilbur Ross did not specify which countries will get an extended exemption, he said that the announcement will be made on the May 1 deadline. The Trump administration has asked the countries in question to accept import quotas in return for a permanent exemption from the Section 232 tariffs.
Initially, NAFTA partners Canada and Mexico as well as Brazil, Argentina, Australia and EU countries were exempted from the duties, while South Korea agreed to an import quota.