Donald Trump grants temporary extension on steel tariffs for Australia

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Trump's administration has stated that there will be no further extensions of tariff exemptions beyond this final 30 day period.

The announcement was made just as the deadline for the previous tariff exemption was set to expire as the calendar rolled over to May. Details of those agreements will be finalised in the next 30 days, the White House said.

"France and the European Union are allies of the US".

The European Commission said in a statement Tuesday: "The U.S. decision prolongs market uncertainty, which is already affecting business decisions".

"The EU should be fully and permanently exempted from these measures, as they can not be justified on the grounds of national security", it said.

EU Trade Commissioner Cecilia Malmstrom would continue talks with U.S counterparts, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer, the Commission said.

The department said it remains open to engage with United States authorities to find a "mutually acceptable" outcome and encouraged domestic exporters to continue to engage with U.S. buyers.

President Trump said a delegation is heading to China to begin talks on the massive U.S. China trade deficit.

"The whole relationship has a lot of negatives", he said, but "the most sinful is this issue of intellectual property". "We were hoping for the actions to be taken yesterday".

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With the extension leaving the door open to more permanent arrangements, shares in United States steelmakers dropped Tuesday.

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"South Africa is also concerned that the measures are implemented in a way that contravenes some of the key WTO (World Trade Organisation) principles".

Trump tweeted Tuesday that there was "great potential" for the United States in addressing the trade disparities with other countries.

Extensions for Canada and Mexico had been expected, as Mexico City, Ottawa and Washington work on revamping the North American Free Trade Agreement. Very much like North Korea, this should have been fixed years ago, not now. America's agricultural trade surplus means we can feed people who would otherwise go hungry, or at least reduce the cost of food around the globe. "But we can only do that calmly when we are certain of being permanently exempted from the threat of unilateral tariff increases".

In a statement late Monday, the British government said the move was "positive" and that it would work with American and European Union negotiators for a permanent exemption.

WATCH BELOW: Should Canada demand a permanent exemption from steel tariffs? "Fundamentally, the German government's expectation remains a permanent exemption".

The Retail Federation, Consumer Technology Association and other trade groups have been working together and separately to lobby the administration to strike a deal with China that avoids tariffs, and otherwise to exclude specific products from the list.

The president's plan for a 25pc tariff on steel imports and 10pc on aluminium means that U.S. steel producers would likely see increased domestic demand as imports become more expensive.

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