American steel and aluminum tariffs on Canada and Mexico lifted
Good news for the Canadian steel and aluminum sectors as the United States has agreed to lift tariffs placed on the products in 2018.
Here is one commentators take on the lifting of the tariffs and positive implications it has for future trade deals. Americans for Limited Government President Rick Manning issued the following statement in response to President Donald Trump’s decision to end the steel and aluminum tariffs on Canada and Mexico:
“President Trump has agreed to lift the steel and aluminum tariffs that were placed on products coming from Canada and Mexico, with those countries agreeing to lift retaliatory tariffs on products like pork and dairy in no later than 48 hours.
“The steel and aluminum tariffs were initially imposed on Canada and Mexico as a means to deal with China and other countries dumping these metals into our northern and southern bordering countries in order to flood our markets and destroy our domestic aluminum and steel industries.
“Today’s agreement retains the ability of the US government to impose future aluminum and steel tariffs if the situation warrants action in the future.
“Earlier this month, Senate Financial Services Committee Chairman Chuck Grassley, urged that the Canada and Mexico aluminum and steel tariff issue be dealt with in order to facilitate passage of the President’s landmark modernization of NAFTA, known as USMCA.
“The renegotiation of the tri-lateral trade agreement between Canada, Mexico and the United States is the lynchpin of the Trump trade agenda as it includes intellectual property and forced technology transfer language, along with currency manipulation prohibitions which will be incorporated in future trade bills with other nations.
“The White House has submitted the trade deal to Congress where it awaits action. It is anticipated that clearing away the aluminum and steel tariff concerns will create momentum for passage of the trade deal.”