The White House is not planning on extending the European Union exemptions from steel and aluminum tariffs, CNBC has confirmed.
The Trump administration is expected to make an announcement Thursday, sources close to the situation confirmed with CNBC.
The Wall Street Journal first reported the news.
Shares of U.S. Steel gained about 5 percent in after-hours trade. Alcoa shares rose 2 percent post-market, while AK Steel gained 5 percent.
Earlier this year, President Donald Trump’s administration had imposed new tariffs of 25 percent for steel and 10 percent of aluminum. But the EU and other allies were granted temporary exemptions to allow for further discussions.
On Wednesday, top trade officials from the U.S. met with their EU counterparts in Paris as a temporary exemption from the tariffs was set to expire.
In recent days, trade negotiations showed few signs that the two sides would reach an agreement. European officials have said that they expected the U.S. to follow through with imposing tariffs.
While the European Parliament would like a result with no tariffs or quotas, European Commissioner for trade Cecilia Malmström said Tuesday, “Realistically, however, we do not think we can hope for that.”
Late Wednesday, a European Commission spokesperson declined to speculate on what the United States’ final decision will be.
— CNBC’s Lori Ann LaRocco contributed reporting.
