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May 17, 2019

U.S. agrees to lift steel, aluminum tariffs on Canada, Mexico

 

 

As reported on BNN Bloomberg, the U.S. will lift steel and aluminum tariffs on Canada and Mexico in favor of stronger enforcement actions, in a move that will help clear the way for ratification of the new NAFTA.

In a joint statement on Friday, the U.S. said it removed metals tariffs on Canadian steel and aluminum imports in exchange for Canada scrapping retaliatory tariffs on U.S. goods. The deal will take effect in no longer than two days, according to the statement. Mexico plans to make announcement later in the day, according to people familiar with the matter.

The move would lift the 25 per cent steel and 10 per cent aluminum tariffs the U.S. placed on the two trading neighbors almost a year ago in the name of national security. The decision sparked retaliatory duties from Canada and Mexico on U.S. farming goods and other products, and became an obstacle for lawmakers in all three nations to ratifying the deal.

As part of the agreement to scrap the levies, the U.S. will be able to re-impose the tariffs on metals imports if not enough is done to prevent a surge of imports beyond historical levels. The nations have also agreed to ramp up efforts to trace where the metals have come from originally, to stop the diversion of shipments from other nations to dodge tariffs, according to people familiar with the matter.

The enforcement system will aim to advantage primary steel and aluminum producers in the three-nation trading bloc to ensure that the metal is melted, poured or smelted regionally.

Watch the news video and keep reading on BNN Bloomberg

 


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