US reaches deal to lift steel and aluminum tariffs on Canada and Mexico

The United States has reached a deal to lift steel and aluminum tariffs on Canada and Mexico, removing one key obstacle to passing updates to the North American Free Trade Agreement.
In a joint statement Friday, the Canadian and American governments said the U.S. will scrap the metals duties within two days. Canada will remove tariffs levied on American goods in retaliation for the steel and aluminum duties. The countries will also:

• Drop all pending litigation in the World Trade Organization related to the tariffs
• Set up measures to “prevent the importation of aluminum or 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”
• Make an “agreed-upon process for monitoring aluminum and steel trade between them”

In a separate statement, the Mexican government also said it would remove retaliatory tariffs it put on the U.S. and cease pending litigation. Mexico also said it would set up measures to stop unfair trade practices in the aluminum and steel markets and to monitor trade of the metals in North America...MORE