The Trump administration has reached a deal to lift tariffs on steel and aluminum imports from Canada and Mexico, in a move that could put the three nations a step closer to ratifying the USMCA trade deal that would replace NAFTA.
The tariffs will be lifted within two days, according to a joint U.S.-Canada statementposted by Canada’s foreign ministry.
The U.S. tariffs on metals from Canada and Mexico have been in effect for nearly a year, with steel imports subject to a 25% tariff and aluminum to a 10% hike. Retaliatory tariffs from Canada and Mexico have been in place for nearly as long.
“I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico” to end the recent tariffs, President Trump said during at a National Association of Realtors event Friday.
Trump then called on Congress to ratify the USMCA, to “make our economy even more successful than it already is — if that’s possible. Which, it is possible.”