President Trump announces a deal with Canada and Mexico that would scrap 'major tariffs.' The agreement ends a simmering trade dispute that began when the president imposed tariffs on imported steel and aluminum in the name of national security.
President Donald Trump has announced a deal with Canada and Mexico that would scrap “major tariffs,” ending a simmering trade dispute that began when the president imposed tariffs on imported steel and aluminum in the name of national security.
While the tariffs helped many U.S. steel and aluminum makers, the retaliatory tariffs hurt other sectors of the U.S. economy, such as agriculture.Canadian Prime Minister Justin Trudeau says Canada stayed strong in asking for a full lift of the Trump administration’s tariffs on steel and aluminum. The Canadians and Mexicans did go along with a revamped regional trade deal that was to Trump’s liking. But the administration refused to lift the taxes on the metals imports anyway.
President Donald Trump last year slapped tariffs on imported steel and aluminum from China and a number of other nations, including Canada, invoking a rarely used provision of a 1962 law to claim that the foreign metals posed a threat to U.S. national security. The deal removes a major hurdle to the passage of a new pact to replace the North American Free Trade Agreement.
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