The administration of President Trump has extended temporary exemptions from section 232 metals duties for five countries and the EU to June 1 from May 1 . It has also granted a permanent reprieve for South Korea. It’s likely that Argentina, Australia and Brazil will shortly sign quotas equivalent to 70% of exports in 2015 to 2017. Those three plus South Korea provided 15% of U.S. imports in the past 12 months, while NAFTA accounted for 32% and the EU 16%. Relations with the EU will likely prove the most difficult to resolve and it is difficult to see that being achieved by June 1. On...