President Trump at the last minute on Monday night announced he would again postpone imposing tariffs on steel and aluminum imports from Canada, Mexico and the European Union.
The White House said it reached agreements on metals imports with Argentina, Australia and Brazil, saying more details will be finalized in 30 days, according to the Washington Post.
The administration has decided to hold off on imposing most of its tariffs on imported steel and aluminum until at least June 1, according to National Public Radio.
Tariffs were scheduled to take effect at 12:01 a.m. Tuesday on imports from Canada, the largest U.S. supplier of steel and aluminum, as well as Mexico, Argentina, Australia, Brazil and the EU.
The tariffs would have kicked in at midnight; the announcement is the latest in Trump’s four-month effort to upend the United States’ trade relationship with more than a dozen countries.
Some countries have received preferential treatment by agreeing to early changes, such as South Korea. Others, such as Japan, have been rebuffed despite repeated overtures from their leaders, according to the Washington Post.
“We are in uncharted territory in terms of trade policy,” Chad Bown, a senior fellow at the Peterson Institute of International Economics, told the Washington Post. “What President Trump has done is make everything uncertain in trade policy. You don’t know on almost a day-to-day basis what trade policy is going to be and businesses find it very difficult to operate in that kind of environment.”
Brunswick Corp. CEO Mark Schwabero told analysts on a call to discuss quarterly earnings last week that the company was raising prices on boats, most notably on aluminum-built pontoons, to keep pace with inflation. The move was also to bake in any rising costs of raw materials, such as aluminum, in the face of tariffs.