US Removes Steel, Aluminum Tariffs from Canada, Mexico

The United States government is lifting steel and aluminum tariffs on Canada and Mexico, a joint statement from the Canadian and U.S. governments announced Friday.

RELATED:

Wall Street Shudders After China’s Response to US Tariffs

The decision was hailed as a triumph from all parties, and one of the largest hurdles leading up to amending the North American Free Trade Agreement.

The accord also dictates that all three nations will drop pending litigation related to tariffs in the World Trade Organization, introduce measures to “prevent the importation of aluminum or steel that is unfairly subsidized and/or sold at dumped prices,” as well as “prevent the transshipment of aluminum and steel made outside of Canada or the United States to the other country.” and to form an “agreed-upon process for monitoring aluminum and steel trade between them.”

The separate agreements, which will not impose U.S. quotas on Canadian and Mexican metals shipments, will also eliminate Mexican and Canadian retaliatory tariffs on a broad range of U.S. products, including pork, beef and bourbon.

The United States and Canada said their agreement will be implemented by Sunday afternoon, and includes new curbs aimed at preventing dumped steel and aluminum from China and other countries from entering the U.S. market via Canada.

Jesus Seade, Mexican deputy foreign minister for North America, cheered the developments on Twitter, writing, “The decision opens the path to ratify the (United States Mexico Canada Agreement.)”

Canadian Prime Minister Justin Trudeau said he was optimistic about the future of the trade agreement.

“Now that we’ve had a full lift on these tariffs we are going to work with the United States on timing for ratification,” he said.