US President Donald Trump today signed a proclamation to delay for 30 days the implementation of his steel and aluminium import tariff hike on the European Union, Canada and Mexico. The White House added that it has also reached a trade agreement with South Korea.

The administration has reached a final agreement with South Korea on steel imports, the outlines of which were previously announced by US Trade Representative Robert Lighthizer and Republic of Korea Minister for Trade Hyun-chong Kim.

The White House said in a statement the administration has also reached agreements in principle with Argentina, Australia, and Brazil with respect to steel and aluminium, the details of which will be finalised shortly.

Trump in March decided to slap tariffs of 25 per cent on imported steel and 10 per cent on imported aluminium. He justified the action by saying it was needed to protect American metal producers from unfair competition and bolster national security.