United States has reached an agreement
with Canada and Mexico to lift tariffs on steel and aluminum and the
corresponding retaliatory tariffs. This move is likely to ease trade tensions
between the three North American countries.
Elimination of these tariffs is expected to remove a
significant barrier to passing the United States-Mexico-Canada Agreement
(USMCA). The 1.4 trillion dollar in North American trade supports more than 12
million American jobs.
Mr Trump in his address to the National Association of
Realtors Legislative Meeting yesterday said he is pleased to announce that they
have just reached an agreement with Canada and Mexico. He said he will be
selling US product into those countries without the imposition of tariffs or
major tariffs. President Trump said the agreement is going to be a fantastic
deal for the US. He hoped the Congress will approve the USMCA quickly.
The steep US tariffs imposed last year — 25 per cent on
steel and 10 per cent on aluminum — became a major stumbling block to
ratifying a new North American trade pact negotiated last year by the three
countries.
