On May 17, the United States announced an agreement with Canada and Mexico to remove the Section 232 tariffs on Canadian and Mexican steel and aluminum imports and to remove all retaliatory tariffs imposed on American goods by those nations. In accordance with the agreement, all tariffs on these goods must be eliminated within two days.

As part of the agreement, the U.S. will terminate its World Trade Organization (WTO) litigation claim regarding Section 232 tariffs against Canada and Mexico, and in turn, Canada and Mexico will terminate their respective WTO claims against the U.S.

The President of the United States, Donald Trump, is expected to postpone his decision on the imposition of tariffs on cars imported from the European Union (EU) and Japan for up to six months.

The Trump administration  is set to formally announce a due date for Trump to make a decision on the automotive tariff increases in concurrence with the recommendations by the U.S. Commerce Department on Saturday, May 18.  Automakers reportedly anticipate that the decision will be postponed while negotiations with the European Union and Japan continue.

Days after the Trump administration made good on their promise to raise Section 301 tariffs on Chinese imports, China's State Council Customs Tariff Commission announced new tariffs on $60 billion worth of U.S. goods. China's latest tariffs on 5,140 products will take effect on June 1, adding up to 25% to the cost of U.S. goods that are covered by the new policy.

China’s latest counter-strike was expected after the U.S. raised Section 301 tariffs on May 10. Speaking about the likelihood that China would retaliate with their own set of tariffs, President Trump's top economic adviser Larry Kudlow said, "I reckon they will. We'll see what they come up with."