US exempts EU steel prices

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A senior US official has said that the European Union (EU) and in the other six countries will be exempt from the requirement of steel and aluminum prices announced by the President, the Trump, at least temporarily.

Trade Representative Robert Lighthizer told a Senate panel that Mr. Trump has decided to “suspend” the import duties, while further discussions.

The rates of 25% steel and 10% aluminum are in force from Friday.

The EU has argued that it should be free.

To the EU Mr. Lighthizer said: Argentina, Australia, Brazil, Canada, Mexico, and South Korea would be exempted.

“The idea that the president has is that, on the basis of a series of criteria, that some countries have to leave,” he told the Senate committee hearing.

“There are countries with which we are dealing and the demand for it becomes obvious that you think, as a matter of business, how does it work?

“So, what he decided to do is to pause the imposition of rates compared to those countries.”

At the beginning of this month, the EU’s trade commissioner said the bloc would “stand up to the bullies,” over-protectionism.

Cecilia Malmström has said that protectionism was “used as a weapon to threaten and intimidate us.”