The United States has reached an agreement to abolish steel and aluminum prices for Canada and Mexico by removing one of the main obstacles to the transmission of updates to the North American Free Trade Agreement, two people familiar with the matter said. In a joint statement on Friday, Canadian and US governments said the US would abolish metal obligations within two days. Canada will abolish the tariffs imposed on US goods as a retaliation for the obligations of steel and aluminum. The parties also:
- Removes all pending litigation in the World Trade Organization related to tariffs
- Creating measures to "prevent imports of aluminum or steel which are unfairly subsidized and / or sold at dumped prices" and prevent the congestion of aluminum and steel produced outside Canada or the United States in the other. "
- Make a" concerted process for monitoring trade in aluminum and steel between them "
While the United States and Canada formally declared" here is the release of tariffs on Friday afternoon, Mexico did not immediately come forward with a statement, President Donald Trump and Canadian Prime Minister Justin Trudo spoke on Friday about the tariffs on metals and tariffs that Canadian vengeance on US goods, according to a Trudeau spokesman
Labor was expected to talk to steelmaking on Friday afternoon, and a worker walked past a steel truck loaded with a steel coil at a plant in Monterey, Mexico on August 27, 201
Julio Cesar Aguilar | AFP | Trump pointed to a threat to national security when he set the 25 per cent and 10 per cent tariffs on steel and aluminum imports last year. When the White House decides not to release Canada and Mexico, the US neighbors and some members of the Congress have questioned why the Allies pose a threat to the United States
The deal could increase Trump's hopes of receiving the USMCA, one of his most important priorities in politics. through Congress. Senate Finance Committee Chairman Chuck Grasley, R-Iowa, has led him to abolish tariffs before lawmakers ratify the trade agreement
The deal is still faced with the obstacles: Democrats voiced concerns about USMCA environmental and labor regulations, as and How It Can Affect US Drug Prices Last month, Mexico adopted labor legislation to address these concerns.
On Wednesday, US Trade Representative Robert Lahtiser met with Canadian Foreign Minister Christina Freeland. Negotiators are expected to discuss a process to remove tariffs.
The Trump Administration is keen to send the documents to Congress soon, which could trigger the USMCA's vote before lawmakers leave the whole of August. The recent escalation of China's trade war with China shook investors and expressed concern about the harm to business and consumers. But Friday's development accelerated markets.
Prior to the announcement of a deal to remove steel and aluminum prices, the Trump administration said it would slow tariffs on imports of cars and auto parts from Europe, Japan and other countries.
Correction: An earlier version was wrong when Trudo had to talk to the steelmakers. It was Friday afternoon.
This story evolves. Please check again for updates.
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