US to Halve Tariffs on Canada Steel, Aluminum in Trade Deal: Report
Talks could cut metals tariffs in half and avert broader duties on about $900 billion in annual U.S.-Canada trade, officials said.
- American and Canadian negotiators discussed a tentative deal to cut steel and aluminum tariffs from 50% to 25% ahead of the Aug. 21 deadline, according to people familiar with the talks.
- Last year, President Donald Trump imposed tariffs on Imported Canadian steel and aluminum under Section 232 of the Trade Expansion Act, straining ties affecting roughly $900 billion in annual bilateral trade.
- The Coalition for a Prosperous America and other stakeholders lobbied President Donald Trump to tie tariff reductions to traceability requirements, warning that 125,000 American jobs in aluminum fabrication face risk.
- "Got to give something, and we're doing certain things. We're reducing it a little bit," Trump told reporters, while pausing tariffs on Canadian goods for three days to allow continued Talks.
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Canada would be preparing to accept tariffs in areas where, a few months ago, Ottawa was calling for a return to free trade.
BT
There is still work to be done before the deadline set by Trump for a tariff agreement with the US, says Canadian minister.
Sault Ste. Marie mayor wary of proposed U.S. trade deal
The ink is not yet dry on the final paperwork, but a tentative trade agreement between Canada and the United States is already raising questions about what it could mean for Sault Ste. Marie and its steel industry.
Trump Says US, Canada Nearing Trade Deal; Hints at Lowering Steel, Aluminium Tariffs
Get latest articles and stories on World at LatestLY. Asked whether the US would lower tariffs on steel and aluminium to get tariffs reduced, Trump said, "Well, we're looking at that. Yeah, yeah." World News | Trump Says US, Canada Nearing Trade Deal; Hints at Lowering Steel, Aluminium Tariffs.
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