The US has finally reached a deal with Canada that to lift tariffs on steels and aluminum imports which could lead to approval for a new North American trade deal. The US and Canada announced in a joint statement a 25% tariff on steel imports, and of 10% on aluminum that will end in 48 hours.
It is widely expected that soon the US and Mexico will make a same announcement.
The US put into actions the tariffs last year on grounds of “national security”.
The agreement is there will be no quotas on how much steel or aluminums the three countries want to buy from overseas.
Now, the US and Canada will monitor imports and if a country is determined to be buying in too much, one of the other nations can put advice and possibly re-impose tariffs. European Union steel and aluminum exports to the US are still subject to the tariffs, but there are some good news for trade relations between the two as on Friday President Donald Trump delayed a decision on whether to impose tariffs on cars and car part imports. But tariffs of up to 25% on imported cars and car parts were under consideration.