US Lifts Steel, Aluminum Tariffs On Canada, Mexico

Donald Trump

Enlarge Image Donald Trump Reuters

The United States has agreed to lift its tariffs on industrial metals from Mexico and Canada, clearing a major obstacle to congressional passage of President Trump's new North American trade deal, according to two people familiar with the matter.

"After extensive discussions on trade in steel and aluminum. the United States and Canada have reached an understanding as follows, the United States and Canada agree to eliminate, no later than two days from the issuance of this statement, all tariffs the United States imposed under Section 232 on imports of aluminum and steel products from Canada".

"Now we can work together to deal with overproduction outside of North America and approve the improved free-trade deal".

The new trade deal - the U.S. -Mexico-Canada Agreement - needs approval from legislatures in the U.S., Canada and Mexico.

In a proclamation, the president directed US Trade Representative Robert Lighthizer to update him within 180 days on the outcome of negotiations with the EU, Japan and "any other country" Lighthizer deems appropriate. "They were hurting Canadian consumers, Canadian workers and American consumers and American workers".

In February the Commerce Department gave Mr Trump a report saying that he could justify the duties by citing a national security threat.

The Center for Automotive Research warned in a report previous year 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.

Trump's proclamation said "domestic conditions of competition must be improved by reducing imports" and said a strong us auto sector is vital to usa military superiority.

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On the North American front, the trade war is over. They would also lift their retaliatory tariffs on the U.S. The United States previous year imported $192 billion worth of passenger vehicles and $159 billion in auto parts.

Prime Minister Justin Trudeau is making an unscheduled, last-minute trip to Hamilton, Canada's steel-manufacturing capital, where he's expected to confirm the breakthrough at an event at steel giant Stelco with Foreign Affairs Minister Chrystia Freeland and Finance Minister Bill Morneau.

Trump used the national security justification past year to impose tariffs on imported steel and aluminum.

Taxing auto tariffs would mark a major escalation in Trump's aggressive trade policies and likely would meet resistance in Congress.

In a conclusion likely to invite challenges from manufacturers and industry analysts, Trump said America's defense industrial base relied on the domestic auto sector for technological advances essential to USA "military superiority". Alcoa Corp., the largest USA aluminum producer, was down 0.8%, after sliding as much as 2.4% earlier.

The Alliance of Automobile Manufacturers, a trade group representing General Motors Co, Volkswagen AG, Toyota Motor Corp and others, said the companies remained "deeply concerned that the administration continues to consider imposing auto tariffs".

Trudeau and Trump had discussed the steel tariffs earlier Friday, Trudeau's office said, according to CBC.

The Commerce Department found that because of rising imports of autos and parts over the past 30 years, the market share of US -owned automakers has fallen.

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