The United States has reached a deal to lift steel and aluminum tariffs on Canada and Mexico, removing one key obstacle to passing updates to the North American Free Trade Agreement, two people familiar with the matter customs CNBC
The U.S. could announce an agreement to scrap the duties as soon as Friday, the sources said. It is unclear whether the U.S. will put import quotas or other measures in place as part of the deal to remove tariffs.
The Canadian and Mexican governments, along with top U.S. lawmakers, have pushed the Trump administration to remove the tariffs before the countries approve the United States Mexico Canada Agreement. President Donald Trump and Canadian Prime Minister Justin Trudeau spoke Friday about the duties of metals and the tariffs Goods in retaliation, according to Trudeau's spokesman
Trudeau was expected to speak to steelworkers on Friday afternoon.
Trump cited at national security threat when he puts respective tariffs of 25 percent and 10 percent on steel and aluminum imports last year. When the White House decided not to exempt Canada and Mexico, the U.S. The deal could boost Trump's hopes of getting the USMCA, one of his top policy priorities, through Congress. Senate Finance Committee Chairman Chuck Grassley, R-Iowa, among others, pushed him to remove the tariffs before lawmakers ratify the trade agreement.
The deal still faces its hurdles: as well as how it could affect drug prices in the US Mexico passed on labor law last month to address those concerns
On Wednesday, U.S. Trade Representative Robert Lighthizer with with Canadian Foreign Minister Chrystia Freeland. The negotiators were expected to discuss the process of removing the tariffs.
The Trump administration aims to send paperwork to Congress soon, which could vote on USMCA before lawmakers leave for the entire month of August. House's recent trade-off with China's investors and raised concerns about damage to businesses and consumers. But developments Friday boosted markets
Before the deal with the deal to remove steel and aluminum tariffs, the Trump administration said it would be delay tariffs on imports of cars and auto parts from Europe, Japan and other countries.
Correction: An earlier version mistated when Trudeau was set to speak to steelworkers. It was Friday afternoon
This story is developing. Please check back for updates
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