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