Trump lifts steel, aluminum tariffs on Canada, Mexico

USDCAD price chart steel tariffs USMCA deal Bank of Canada Financial Stability Report

White House press secretary Sarah Sanders said Trump's action follows an extensive Commerce Department review, which found that imports of automobiles and certain automobile parts threaten to impair usa national security.

Ron Wyden, a Democratic Senator from OR, said the tariffs had "caused real hardship, and I am glad that we can get back to the business of growing and making things in the United States and shipping them to customers in North America and beyond".

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.

They "also discussed relations with China, uranium, and the new NAFTA". In fact, the Canadians and Mexicans did go along with a revamped regional trade deal that was to Trump's liking.

U.S. President Donald Trump on Friday declared that some imported vehicles and parts pose a national security threat but delayed a decision for as long as six months on whether to impose tariffs to allow for more time for trade talks with the European Union and Japan.

Ottawa has also been working to demonstrate to Washington that it has taken steps to stem the flow of cheaper Chinese metals into Canada.

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.

Canadian sources have described the idea of a quota system as a non-starter and a concession that Canada was not prepared to make.

According to a Bloomberg report, the United States will lift the tariffs on Canada and Mexico "in favour of stronger enforcement actions, according to people familiar with the matter", said the report.

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The Center for Automotive Research warned in a report a year ago that Trump's proposed tariffs would add up to $6,875 on average to the price of a vehicle and put hundreds of thousands of jobs in the sector at risk.

While Friday's news appeared to signal a breakthrough, China and the USA are still locked in an escalating trade war.

Meanwhile, tariffs on steel and aluminum from China and other countries remain in place. "We hardly tax them at all". "I think they finally heard us", said one source, speaking on the condition of anonymity, citing the delicate new phase of the negotiations.

That's according to sources in the USA and Canada who spoke on condition of anonymity ahead of an announcement.

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The two countries will also be setting up a process to monitor steel and aluminum trade between the two countries, and should there be a surge in imports of either steel or aluminum, the importing country can request consultations with the exporting country.

The deal removes a major hurdle to the passage of a new pact to replace the North American Free Trade Agreement.

Canada had also made clear that ratification was dependent on the tariffs being removed. Moreover, U.S. auto exports likely would have retaliation if the United States started taxing imported autos.

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