US drops steel and aluminum tariffs on Canada and Mexico

US President Trump shaking hands with Trudeau in White House | NAFTA (Getty Images/Pool/K. Dietsch)

The US has dropped steel and aluminum tariffs on Canada and Mexico. The tariffs had stood for just under a year and were part of the trade dispute between the north American trading partners.

The US and Canadian governments on Friday announced that they would be scrapping tariffs on each other’s steel and aluminum products, effective in 48 hours.

Donald Trump announced the deal during a speech to the National Association of Realtors, while Canadian Prime Minister Justin Trudeau hailed the move as removing a key roadblock to trade between members of the North American Free Trade Agreement (NAFTA).

“Obviously these continued tariffs on steel and aluminum and our countermeasures represented significant barriers to moving forward with the new NAFTA agreement,” Trudeau told a press conference. “Now that we’ve had a full lift on these tariffs, we are going to work with the United States on timing for ratification but we’re very optimistic we are going to be able to move forward well in the coming weeks.”

In light of the agreement, Vice President Pence tweeted that he would be traveling to Canada to work on the revamped trade agreement, calling the deal “a WIN for all three nations.”

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