We continue to keep you updated on the announcement that steel and aluminum tariffs are being lifted on Canada and Mexico. We now know those tariffs will be lifted on Sunday.
President Trump made the official announcement while addressing the National Association of Realtors in Washington, D.C.:
"I'm pleased to announce that we've just reached an agreement with Canada and Mexico and will be selling our product into those countries without the imposition of tariffs or major tariffs. As you know, Canada has been for years, and we have a great relationship with Canada and the Prime Minister, we have a great relationship, but they've been charging us extremely high tariffs, as much as 285% or more for our agricultural products, which is an absolute barrier, essentially a barrier, so it was a barrier to our farmers being able to do business with them, to our farmers being able to sell product in there, so that deal is going to be a fantastic deal for our country, and hopefully Congress will approve the USMCA quickly and then the great farmers and manufacturers and steel plants will make our economy even more successful than it already is. If that's possible, which it is possible."
The United State Trade Representative also issued a statement:
"Today, the United States announced an agreement with Canada and Mexico to remove the Section 232 tariffs for steel and aluminum imports from those countries and for the removal of all retaliatory tariffs imposed on American goods by those countries. The agreement provides for aggressive monitoring and a mechanism to prevent surges in imports of steel and aluminum. If surges in imports of specific steel and aluminum products occur, the United States may re-impose Section 232 tariffs on those products. Any retaliation by Canada and Mexico would then be limited to steel and aluminum products. This agreement is great news for American farmers that have been subject to retaliatory tariffs from Canada and Mexico. At the same time, the Agreement will continue to protect America’s steel and aluminum industries."
Canadian Prime Minister Justin Trudeau also commented. He spoke from Stelco, one of the two major producers in Canada's steel-making epicenter of Hamilton, Ontario. He said the deal was "pure good news". He signaled that the lifting of the tariffs could help clear the way for the ratification of the USMCA deal that was signed last year. "We are very optimistic we will be able to move forward in the coming weeks," Trudeau said, adding the deal was "a huge step forward". The Prime Minister said the deal stemmed from steady conversations with the U.S., including with President Trump. He said there was agreement on both sides that the tariffs were "harming workers and consumers on both sides of the border".