United States has reached an agreement with Canada and Mexico to lift tariffs on steel and aluminum and the corresponding retaliatory tariffs. This move is likely to ease trade tensions between the three North American countries.
Elimination of these tariffs is expected to remove a significant barrier to passing the United States-Mexico-Canada Agreement (USMCA). The 1.4 trillion dollar in North American trade supports more than 12 million American jobs.
Mr Trump in his address to the National Association of Realtors Legislative Meeting yesterday said he is pleased to announce that they have just reached an agreement with Canada and Mexico. He said he will be selling US product into those countries without the imposition of tariffs or major tariffs. President Trump said the agreement is going to be a fantastic deal for the US. He hoped the Congress will approve the USMCA quickly.
The steep US tariffs imposed last year — 25 per cent on steel and 10 per cent on aluminum — became a major stumbling block to ratifying a new North American trade pact negotiated last year by the three countries.