The Argentine government has reportedly reached an agreement to apply voluntary quotas to its exports of steel and aluminum to the U.S. in return for exemption from section 232 duties. That follows South Korea’s example, though its quotas (135% of 2015-2017 levels for steel and 100% for aluminum) are much higher (70% for steel only) than Korea’s. The higher quotas partly reflect the acceleration in Argentina’s exports in the past year, with a 71% growth in the 12 months through February 28. The quota will cut exports by 27% on a dollar basis, equivalent to just 0.4% off total U.S. import...