The Trump administration announced it has delayed most of its tariffs on imported steel and aluminum until at least June 1. Such tariffs were scheduled to take effect at 12:01 a.m. Tuesday on imports from Canada, Mexico, Argentina, Australia, Brazil and the EU.
According to media reports the administration has reached an agreement in principle with Australia, Argentina and Brazil.
In the case of Mexico and Canada, the U.S. has warned that tariffs will be avoided only if the three countries succeed on a revised North American Free Trade Agreement.
South Korea won a permanent exemption from steel tariffs in March as part of an updated free trade agreement with the U.S. But in exchange, South Korea had to reduce its steel exports to the U.S. by about 30%. Trade analysts expect similar quotas to be imposed on other countries as part of a final deal.