34.7 C
Kuwait City
May 24, 2019
Gulflance
Home » US lifts steel, aluminium tariffs on Canada
Khaleejtimes International

US lifts steel, aluminium tariffs on Canada

The US implemented the tariffs last year on grounds of “national security”.

The US has reached a deal with Canada to lift tariffs on steel and aluminium imports in a move that could lead to approval for a new North American trade deal.

In a joint statement, the US and Canada announced that a 25 per cent tariff on steel imports, and of 10 per cent on aluminium, will end in 48 hours, the BBC reported on Friday.

It is widely expected the US and Mexico will make a similar announcement soon.

The US implemented the tariffs last year on grounds of “national security”.

Under the agreement, there will be no quotas on how much steel or aluminium the three countries buy from overseas.

However, the US and Canada will monitor imports and if a country is determined to be buying in too much, one of the other nations can request a consultation and potentially re-impose tariffs.

Getting rid of the tariffs is viewed as a key hurdle to approval for the US-Mexico-Canada Agreement (USMCA) trade deal which was signed in 2018. It replaced the North American Free Trade Agreement.

Providing that Washington and Mexico City also announce an agreement to lift levies on steel and aluminium, the US, Mexico and Canada will ask their respective governments to ratify USMCA.

Canada also announced that it would lift tariffs on US imports of steel and aluminium that it implemented last year in retaliation for the Trump administration’s levies.

MORE FROM Khaleej Times

  • Government


    Gargash said the West must unite and come up with a common approach… READ MORE

  • General


    Fraudsters are using names of well-known brands to rip-off residents. READ MORE

  • Sharjah


    Service was launched with an aim to develop transport operations in… READ MORE

  • Americas


    The US implemented the tariffs last year on grounds of “national… READ MORE


Source link
Click here to read more news from @khaleejtimes

Related posts

Gun fired during Ramadan prayers outside London mosque

KT Mobile

Man accused of raping mentally challenged girl set free in UAE

KT Mobile

Video: Weather warning to residents as rain hits parts of UAE

KT Mobile

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please spend a minute

Gulflance Poll

Which is worst social media?
Vote Now
close-link
Sign-up for exclusive content. Be up to date with Gulflance
Subscribe
Subscribe
close-image

You're currently offline