Seoul is gearing up for a second round of hard bargaining in broader trade terms after earning a month-long waiver on the sweeping U.S. tariffs on steel and aluminum imports with the goal of winning permanent exemption for Korean metal shipments.

South Korea joined the list of allies Washington granted a “pause” until the end of April on the tariffs of 25 percent on steel and 10 percent on aluminum imports just before they were imposed from Friday morning.

The others on the moratorium were Canada, Mexico, Australia, Argentina, Brazil and the European Union, which are subject to individual negotiations until April 30.

U.S. Trade Representative Robert Lighthizer in a Senate hearing said President Donald Trump authorized the suspension on the tariffs on countries involved in trade talks. Washington is in the midst of renegotiating the North American Free Trade Agreement with Canada and China and also with Seoul over the 2012 bilateral free trade agreement.

Seoul faces further pressure in FTA renegotiations as it would have to make concession to earn permanent exemption. Korea was the third largest steel exporter to the United States after Canada and Brazil with shipments of 3.6 million tons last year.

The news offered little comfort to the stocks as uncertainties have only stretched.

On Friday, Posco shares closed down 5.58 percent at 321,500 won, Hyundai Steels down 2.85 percent at 49,450 won, Dongkuk Steel Mill shares down 4.08 percent at 9,880 won, and Husteel shares down 2.24 percent at 13,100 won.

Conflict of interests could hurt the steelmakers. While they would wish to ship out products as much as possible during the grace period, their U.S. clients may want to delay orders out of invoicing uncertainty. There is also the possibility of Washington slapping retroactive levies after deferment.

Washington has revived the hardly used Section 232 of the Trade Expansion Act that authorizes the president to limit imports to protect national security. The Commerce Department argues foreign metals were a national security risk because they hurt industrial base in the U.S.

By Moon Ji-woong and Lee Ha-yeon

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