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US lifts steel, aluminium tariffs on Canada

IANS  |  Washington 

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

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

It is widely expected the US and 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 or the three countries buy from overseas.

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

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



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 18 2019. 07:08 IST