U.S. To Lift Tariffs On Steel And Aluminum From Canada

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President Donald Trump said the usa will lift steel and aluminum tariffs on Canada and Mexico, boosting efforts to encourage lawmakers to ratify a new North American trade deal. As part of the crackdown on transhipments, the two countries also agreed to implement measures to trace the origins of steel and aluminum that enter the North American market.

"Canada buys more American steel than any other country in the world, accounting for some 50% of US exports", the Canadian government says.

Last month Canada's Ambassador to the U.S. David MacNaughton said in D.C. that the tariffs were poised to become an election issue if they were still in place by the time the fall federal election campaign kicked off.

OTTAWA -Canada and the United States have reached an agreement to lift steel and aluminum tariffs, a year after they were first imposed, reviving momentum for the renegotiated USMCA deal to be ratified.

President Trump put a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum previous year after a Commerce Department study found a surge of imports was a danger to national security. "The entire US auto and auto parts sector understands why it needs a global strategy, but the President clearly prefers 1980s style protectionism".

Dan Ujczo, a trade lawyer and Canada-U.S. specialist in Columbus, Ohio, said he believes the U.S. has "moved off of its demand for a hard quota, which is a key factor in the new optimism".

"We did make the commitment to work with the United States on watching how the industry is evolving and making sure that we're not becoming victims of global pressures on our steel industry".

Stelco shares soared 11 percent on the news, while top U.S. steelmaker Nucor fell 3.1 percent and U.S. Steel Corp, which had seen massive profit improvement because of the tariffs, fell 1.2 percent.

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Caught in a sprawling trade dispute with USA rival China, President Donald Trump decided against declaring commercial war on America's friends.

Trudeau avoided mentioning China by name - the country that the USA and Canada must now carefully monitor, under the terms of the agreement, to prevent cheap foreign steel from being dumped into North America. The decision sparked retaliatory duties from Canada and Mexico on USA farming goods and other products, and left the potential that lawmakers in all three nations wouldn't ratify the deal.

News about progress on NAFTA's replacement, known as the Unites States Mexico Canada Agreement, is rumored to be forthcoming.

Trump's tariffs have tested the bilateral relationship with Canada, especially during the NAFTA negotiations previous year.

Meanwhile, Trump is locked in a high stakes rumble with China.

Mexican chief trade negotiator Jesus Seade likewise tweeted that the lifting of tariffs "clears the way towards ratification of USMCA".

Mr. Trudeau spoke with U.S. President Donald Trump Friday on tariffs and other trade matters, the Prime Minister's office said. Toyota, Hyundai-Kia, Subaru, Honda and others have significant research centres in the U.S. Retaliatory tariffs from both countries have been in place for almost as long.

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