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00:00:02
>> US President, Donald Trump, put the brakes on his metal terrors for key allies just hours before deadline. Canada, the EU, and Mexico all have at least another 30 days and the White House said, Monday, Brazil, Argentina and Australia have all reached agreements for permanent exemptions to joining South Korea.
00:00:20
Officials didn't discuss the details but South Korea had to earn its deal by pledging to cut the steal it sends to America. Trump made the call ahead of a midnight cutoff when countries would've been hit by the brunt of the tariffs. The President unveiled the measures back in March, a 25% tax on steal sent to the US and 10% for aluminum.
00:00:38
But he also handed out short exemptions to some countries to give them time to negotiate. Now Canada, Mexico and the EU have until June to work things out. Trump has said the tariffs on Canada and Mexico could be suspended if he sees enough progress in the North America Free Trade Agreement, or NAFTA.
00:00:55
Those talks continue in a week's time. Allied Japan has had less luck. Prime Minister Shinzo Abe tried to change Trump's mind in Florida two weeks ago, but seem to make no headway. All this as fears of a trade showdown between the US and China have taken global markets for a ride.
00:01:11
Trump has already hit China with tariffs and Beijing has retaliated on US agriculture, raising anxiety in American farm country. Top US trade officials including treasury secretary Steve Mnuchin will be in Beijing this week to try and avert a trade board and a push from war concessions from China.
00:01:28
But it seems Beijing is now taking a harder stance. The New York Times reports they're refusing to talk about some of Trump's toughest demands including a $100 billion cut in its trade surplus with the United States.