The original deadline for steel & aluminum tariffs planned for May 1st has passed and all of the anxiety, last minute “state visits” and posturing has resulted in the disappointing—but not unexpected—extension of reprieve. Argentina, Brazil & Australia have joined South Korea in accepting “voluntary quota” agreements to help resolve their situations—but Canada and Mexico—as well as the EU are still in a state of “limbo”. It appears these remaining, unresolved partnerships are a part of a bigger picture—renegotiating various sections of other global agreements.
A one month extension has been granted for our NAFTA & EU partners and that moves things closer to other global summits and various elections. This does little to assuage fears of the millions in the manufacturing and supporting sectors watching to see how these negotiations will play out. There is an awful lot going on in our world today and there is perhaps a greater need for strong allies and partners now than in a long time.
June 1st we shall see this newest extension expire. With all of the other geopolitical negotiating going on, one wonders how solid the odds are of coming out ahead? The G7 summit will immediately follow the June 1st extension and will likely be an important step in the resolution of these trade talks. Until then, producers will need to make the most of the hand they’re dealt and now is a good time to have an “ace in the deck”. To see how IRMCO can help you increase your odds of a “winning hand” in these uncertain times—contact us at 800-323-2933 or visit us at www.irmco.com.