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| US, Canada to lift tariffs on steel, aluminum and more, stop litigation in WTO - joint statement | US, Canada to lift tariffs on steel, aluminum and more, stop litigation in WTO - joint statement |
| (30 minutes later) | |
| Washington and Ottawa have agreed to remove steel and aluminum tariffs as part of an agreement regulating the metal trade between the two neighbors, according to a joint statement. | Washington and Ottawa have agreed to remove steel and aluminum tariffs as part of an agreement regulating the metal trade between the two neighbors, according to a joint statement. |
| The US will lift its 25-percent tariff on steel imports and 10-percent tariff on aluminum President Donald Trump imposed against Canada back in late May 2018 while Canada will, in turn, remove all retaliatory tariffs it levied against the American goods, the statement said, adding that that all the tariffs will be gone in two days. | The US will lift its 25-percent tariff on steel imports and 10-percent tariff on aluminum President Donald Trump imposed against Canada back in late May 2018 while Canada will, in turn, remove all retaliatory tariffs it levied against the American goods, the statement said, adding that that all the tariffs will be gone in two days. |
| The two nations also vowed to take measures to prevent the imports of steel and aluminium that is “unfairly subsidized” or “sold at dumped prices” as well as prevent the “transshipment of steel and aluminum” produced in third countries to one another. They also agreed to create a special monitoring mechanism to promptly detect import “surges.” | |
| The agreement also allows each side to impose 25-percent tariff on steel and 10-percent tariff on aluminum if it faces a surge in their import, which is “meaningfully beyond historic volumes.” However, such a measure can be taken only after consultations with the other side. The move would also give the affected party a right to retaliate – but only in the affected sector, the document said without specifying the details. | |
| A similar deal was struck with Mexico, President Donald Trump said in a speech on Friday. | |
| Canada’s Prime Minister Justin Trudeau called the tariffs the biggest obstacle to the ratification of the United States–Mexico–Canada Agreement (USMCA), which is expected to supersede the previous deal between the three nations known as the North American Free Trade Agreement (NAFTA). USMCA was signed back in November 2018 but has not yet been ratified. | |
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