US to remove tariffs on Canadian metals, Mexico deal likely

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US to remove tariffs on Canadian metals, Mexico deal likely

On Friday, the 17th of May 2019, Canada and United States had announced a joint statement, saying that the neighboring countries had reached a deal to remove tariffs on Canadian aluminum and steel in exchange for a favor to keep dumped Chinese metal out of United States, while officials said that the United States had been seeking to seal a similar pact with Mexico.

The quota-free deal would eliminate Canada’s retaliatory tariff on $12 billion worth of US imports including beef, bourbon and pork, while the US bid to remove on Canadian metal would be effective within 48 hours.

Confiscation of 10 percent tariff on aluminum alongside 25 percent tariff on steel from Mexico and Canada, could eliminate major obstacles to ratify the tri-nation trade pact, USMCA, which had replaced the 25-year old NAFTA agreement on last August.

Besides, a number of US lawmakers had been quoted saying following Friday’s (May 17th) statement that a vote on US-Canada-Mexico agreement (USMCA) had been impossible until the retaliatory measures and metal tariffs were lifted.

Apart from that, a thoroughly optimistic Senior Mexican official said later on Friday (May 17th) that Mexico and Canada would lift their retaliatory tariffs on US imports, once the deal was announced and implemented.