Trump Administration drops tax on Canada aluminium, averts retaliatory tariffs

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Trump Administration drops tax on Canada aluminium, averts retaliatory tariffs

Just hours before the Canadian Finance Ministry had been set to impose a retaliatory tariff on US goods, US President Donald Trump alongside his Administration had dropped off the taxes on Canadian aluminium, easing off tension with one of its closest allies.

In point of fact, in a statement released later on the Tuesday, the Office of USTR (United States Trade Representative) had said that the United States had been withdrawing a 10 per cent tariff imposed on the imports of Canadian aluminium.

Besides, latest move from the Office of USTR came forth roughly a month after the United States had inclined an additional 10 per cent duties on Canadian aluminium citing an influx.

US cancels added levies on Canada aluminium, could re-impose again if imports surge

Notably, while the Office of USTR had cancelled the added tariffs on Canadian aluminium citing that the imports had reverted to a normal level, it had also warned that the tariffs could be re-inclined again, had the imports been surged.

Meanwhile, welcoming the US decision to terminate the added tariffs on Canadian aluminium, Canada’s minister of International Trade, Mary Ng said following the Office of USTR announcement, “Canada has not conceded anything,” while adding that the world’s tenth-largest economy by nominal GDP (Gross Domestic Product), Canada, was prepared to impose retaliatory tariffs on US-borne goods, the Norther American country’s Deputy Prime Minister Chrystia Freeland said to the reporters, “At a time when we all focused on recovering from the COVID recession and keeping the virus under the control we all know that the last thing we need is tariffs.

Common sense has prevailed. ” Apart from that, adding that Canada made no concessions, a top official of the Canadian Government was quoted saying on condition of anonymity “Their statement has all sorts of language about what they expect from Canada, but it’s important to note Canada has agreed to none of that. We’re glad the U.S. lifted tariffs — that’s a victory for Canada and the U.S.