The Trump administration has reached a deal to lift tariffs on steel and aluminum imports from Canada and Mexico, in a move that could put the three nations a step closer to ratifying the USMCA trade deal that would replace NAFTA. Presidential proclamations were issued May 20, 2019 to remove the tariffs on aluminum,… and steel
The U.S. tariffs on metals from Canada and Mexico have been in effect for nearly a year, with steel imports subject to a 25% tariff and aluminum to a 10% hike. Retaliatory tariffs from Canada and Mexico have been in place for nearly as long.
“I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico” to end the recent tariffs, President Trump said during at a National Association of Realtors event Friday.
Mexico’s foreign affairs undersecretary for North America, Jesús Seade, also hailed the agreement, saying it was received with “great enthusiasm” in Mexico. He added, “This action opens the path to advance toward the ratification” of the replacement NAFTA deal.
Now, USTR Lighthizer must deal with objections from Labor and Democratic Party leaders.
Read more …