The Latest: EU says US tariff extension not enough

The Latest on President Donald Trump's planned steel tariffs (all times local):

2:40 a.m.

The European Union says the decision by the U.S. administration to grant a one-month tariff extension on EU imports of steel and aluminum is bad for business and that the bloc should be granted a permanent exemption.

The 28-nation EU said the U.S. decision "prolongs market uncertainty, which is already affecting business decisions."

The U.S. announcement only postpones for a month a potential trans-Atlantic trade war since the EU has already said it will retaliate if the Trump administration imposes the tariffs.

"As a longstanding partner and friend of the US, we will not negotiate under threat," the EU said, adding that a trans-Atlantic agreement "has to be balanced and mutually beneficial."

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12:40 a.m.

The White House is postponing a decision on imposing tariffs on U.S. imports of steel and aluminum from the European Union, Canada and Mexico for 30 days, avoiding the potential for a trade battle with Europe as the U.S. prepares for tense trade talks in China this week.

The Trump administration said Monday it had reached an agreement with South Korea on steel imports following discussions on a revised trade agreement, the outlines of which were previously announced by U.S. and South Korean officials. And the administration said it had also reached agreements in principle with Argentina, Australia and Brazil on steel and aluminum that will be finalized shortly.

Announcing the trade actions, the White House said "in all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment and protect the national security."