The removal of tariffs on steel and aluminum will clear the way for Canada to approve the free trade agreement between it, the U.S. and Mexico. But there may still be obstacles. (Peter Power/The Canadian Press)

U.S. lifts tariffs on Canadian steel and aluminum

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The United States has agreed to remove punitive tariffs on Canadian steel and aluminum imports. This removes a major obstacle in efforts to ratify the new North American trade agreement between the two countries and Mexico.

The U.S. had imposed a levy of 25 per cent on steel and 10 per cent on aluminum and it took almost one year to have them lifted. “This is pure good news,” said Prime Minister Justin Trudeau at a stop at the Stelco plant in Hamilton, Ontario. He added that tariffs were hurting workers on both sides of the border.

In return, Canada has agreed to drop retaliatory action it has taken at the World Trade Organization. In addition, there will be a process created to monitor the trade, and if imports “surge meaningfully beyond historic volumes of trade” the importing country may reimpose duties of 25 per cent on steel and 10 per cent on aluminum.

Prime Minister Justin Trudeau delivered the good news on tariffs directly to steel workers in Hamilton, Ontario. (Tijana Martin/The Canadian Press)

‘Key contributors to the Canadian economy’

In 2017, Canada was the world’s 19th largest exporter of steel. While Canada exports steel to over 140 countries and territories, the U.S. and Mexico represent the top markets for it. At the same time, Canada buys about half of the United States’ steel exports.

Canada is the world’s third-largest producer of aluminum. About 84 per cent of primary production is exported to the U.S.

The steel and aluminum industries are important to the Canadian economy. The government says that in 2017, the steel industry accounted for more than 23,000 jobs and contributed $4.2 billion to the GDP. The aluminum industry employed 10,500 people and contributed $4.7 billion to the GDP.

Canada’s Foreign Affairs Minister Chrystia Freeland spoke to reporters after discussing the tariffs with the U.S. trade representative on May 15, 2019. (Kevin Lamarque/Reuters)

‘Key contributors to the Canadian economy’

In 2017, Canada was the world’s 19th largest exporter of steel. While Canada exports steel to over 140 countries and territories, the U.S. and Mexico represent the top markets for it. At the same time, Canada buys about half of the United States’ steel exports.

Canada is the world’s third-largest producer of aluminum. About 84 per cent of primary production is exported to the U.S.

The steel and aluminum industries are important to the Canadian economy. The government says that in 2017, the steel industry accounted for more than 23,000 jobs and contributed $4.2 billion to the GDP. The aluminum industry employed 10,500 people and contributed $4.7 billion to the GDP.

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One comment on “U.S. lifts tariffs on Canadian steel and aluminum
  1. Avatar Jose Padilla says:

    This is not only good news for Canada and Canadians, but also an example of wisdom, knowledge and management in the midst of lots of changes, even around the world as well, causing a certain instability but just for awhile. This is like the lean, ugly cows and the seven fat cows.