&imwidth=800&imheight=600&format=webp&quality=medium "Donald Trump offers tariff exemptions to nations with US trade deals | Details")
US President Donald Trump has reportedly signed an executive order offering tariff exemptions to trading partners who strike trade deals on exports like nickel, gold, and other metals. These offers are extended for 45 categories to "aligned partners" who finalised a frameworkagreement with the US to cut Trump's "reciprocal" tariffs and duties imposed since he became the president for the second time in a row.
All you need to know about Donald Trump's tariff exemption
The exemptions for countries with US trade deals are set to begin at 12:01 a.m. EDT/0401 GMT on Monday, the order said. Donald Trump said in the tariff order that he is willing to reduce tariffs based on "scope and economic value of a trading partner’s commitments to the United States in its agreement on reciprocal trade".
The tariff cuts are offered on items that can't be grown, mined, or produced in the United States. Items that are not abundant in the US are also covered under the order.
Items like agricultural products, aircraft, and parts, and non-patented articles for pharmaceutical use are also covered in the order, according to Reuters.
Countries that have signed reciprocal trade deals with the United States will benefit under the order, as the US Trade Representative, the Commerce Department, and the customs can now waive tariffs on covered imports without a new executive order.
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Graphite and nickel, key ingredients in stainless steel manufacturing and electric vehicle batteries, are covered by the order.
Donald Trump has been levying tariffs on countries not strategically alignedwith the US. He has also used tariffs to bridge trade deficits with other nations.
The Donald Trump administration recently imposed 50 percent tariffs on India for continually buying Russian oil and weapons.