US planning not to exceed tariffs exemption for EU

The US is ready to impose tariffs on EU and not to extend the exemptions. Earlier before US exempted its ally countries like EU, Australia, Canada, Brazil and others temporarily from steel and aluminum tariffs while others were imposed 25% tariffs on steel and 10% on aluminum. 5% increased by AK steel, about 5% shares of US steel was gained in after-hours trade whereas in post market Alcoa shares rose 2%.

As the exemption is set to expire this Friday, the EU counterparts met US officials on Wednesday in Paris for a last-ditch exertion to elude from the tariffs, but the solution appeared far from grasp.  Cecilia Malmström stated on Tuesday that genuinely they don’t consider they can hope for any results with no tariffs or quotas. Although there is more time that US would agree on the extension of exemption. According to Bruno Le Maire, French Finance Minister that EU do not want to involve in any trade war but, if US imposed tariffs, EU would retaliate.

• [Editor:janita]