The United States will lift its steel and aluminum tariffs on Canada and Mexico within the next two days. These tariffs, which have been in place since March 2018, may signal a sooner, rather than later, passing of the United States-Mexico-Canada Agreement (USMCA).

 

The United States will lift its steel and aluminum tariffs on Canada and Mexico within the next two days. These tariffs, which have been in place since March 2018, may signal a sooner, rather than later, passing of the United States-Mexico-Canada Agreement (USMCA).

 

In the statement issued by the Canadian government, the two countries will implement effective measures to:

• Prevent the importation of aluminum and steel that is unfairly subsidized and/or sold at dumped prices; and
• Prevent the transshipment of aluminum and steel made outside of Canada or the United States to the other country. Canada and the United States will consult together on these measures.

Additionally, "in the event that imports of aluminum or steel products surge meaningfully beyond historic volumes of trade over a period of time, with consideration of market share, the importing country may request consultations with the exporting country. After such consultations, the importing party may impose duties of 25 percent for steel and 10 percent for aluminum in respect to the individual product(s) where the surge took place (on the basis of the individual product categories set forth in the attached chart). If the importing party takes such action, the exporting country agrees to retaliate only in the affected sector (i.e., aluminum and aluminum-containing products or steel)."

 Information provided by the NCBFAA.