United States announces six-month reprieve on auto tariffs

U.S. Poised to Lift Steel Aluminum Duties on Canada MexicoMore

U.S. Poised to Lift Steel Aluminum Duties on Canada MexicoMore

U.S. President Donald Trump shake hands with Canada's Prime Minister Justin Trudeau.

By leaving the threat of tariffs, Trump's move raises the temperature in European capitals already angered by the imposition of punishing U.S. duties on steel and aluminum previous year. The three largest producers - ArcelorMittal Dofasco, Algoma and Stelco - were paying the USA tariffs to ensure they kept their American customers. And farmers and business groups in Trump-friendly rural states complained that they were being hurt by the retaliatory tariffs from both Canada and Mexico. Jean Simard, president and CEO of the Canadian Aluminum Association, says the deal will put "an end to the harmful uncertainty that is impeding the development of the Canadian and North American aluminum industry".

Ross also said the us was imposing tariffs on Canada and Mexico because the trade talks were taking too long, even though they were ostensibly imposed under a section of American trade law that gives the president that authority to do that to protect national security.

WASHINGTON-The U.S. and Canada have agreed to drop their tariffs on each other's steel and aluminum and all related retaliatory tariffs, removing a major source of friction between the two countries and a key obstacle to the ratification of the new NAFTA.

Ottawa has also been working to demonstrate to Washington that it has taken steps to stem the flow of cheaper Chinese metals into the Canada. The imports constrict US producers, he said, making it more hard for them to fund research and develop new technologies.

U.S. President Donald Trump will give Japan and the European Union 180 days to agree to a deal that would "limit or restrict" imports into the U.S. of automobiles and their parts in return for delaying new auto tariffs, according to a draft executive order seen by Bloomberg.

U.S. markets have wobbled wildly in the wake of trade news.

In late April, Senate Finance Committee Chairman Chuck Grassley, R-Iowa, warned Trump that the USMCA deal would be "dead" unless the steel and aluminum tariffs were lifted.

Trump's decision, at least for now, averts what was shaping up to be a new dramatic escalation in the Trump administration's trade disputes around the world, including a trade war with China.

The leaders of the countries signed off on the USMCA earlier this year. "We hardly tax them at all".

"There have been many false starts; we've been close before", said another source, speaking on the condition of anonymity.

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It says the two countries will consult if there's a surge of steel or aluminum imports "beyond historic volumes of trade over a period of time" and gives the countries the right re-impose 25 per-cent duties on steel and 10-per cent on aluminum.

The new trade agreement still must be ratified by all three countries' governments.

The idea is to create a Fortress North America to protect against foreign, particularly Chinese, steel entering Canada and being diverted to the U.S.

"I'm pleased to announce we've just reached agreement with Canada and Mexico", Donald Trump said.

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