In a joint statement today, the US and Canadian governments announced the US will lift Section 232 duties on steel and aluminum imports from Canada and Mexico, in anticipation of ratifying the new USMCA trade deal. Canada in turn will remove retaliatory tariffs on US exports to the country.
In addition, the US and Canada will drop all pending litigation in the World Trade Organization related to the tariffs, set up measures to prevent "unfairly subsidized and/or dumped" steel and aluminum and prevent the transshipment of those products, and make an "agreed-upon" process for monitoring the trade of steel and aluminum.
Mexico announced in a separate statement that it will also remove retaliatory tariffs against US goods and cease pending litigation, along with implementing measures to stop unfair trade practices in the steel and aluminum markets.
“Now that we’ve had a full lift on these tariffs we are going to work with the United States on timing for ratification” of USMCA, said Canadian Prime Minister Justin Trudeau after speaking with steelworkers on Friday. He said he is “optimistic” about moving forward with the agreement in the coming weeks.
The Trump administration said it plans to send paperwork to Congress to set up a vote on the USMCA before lawmakers adjourn in August.