Focus is likely to swing back to US President Trump's steel and aluminum tariffs this week, as the exemptions granted to several key trading partners with the US were only temporary, with a self-imposed deadline of May 1st by Trump.

Key notes

Exemptions for Canada and Mexico have been tied to NAFTA renegotiations, and many are expecting Trump to granted a continued exemption as NAFTA talks are progressing, while South Korea secured permanent exemptions by agreeing to new trade quotas.

Germany's Chancellor, Angela Merkel, threatened a retaliatory response from Europe if exemptions were not granted to Europe, while EU leaders maintain that Trump holds unreasonable demands. Whether or not to grant exemptions lies in Trump's hands.

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