Last week, the Trump administration reached a deal to lift steel and aluminum tariffs on Canada and Mexico. The Trump administration also will not impose quotas in their place, an idea the president had floated. Rather, the countries have promised to establish a tracking system to monitor and prevent a surge in steel imports into the U.S. from trading partners outside of North America.
According to the official joint statements, the steel and aluminum tariffs of 25 percent and 10 percent, respectively, were scheduled to be gone within 48 hours. As of last week, the U.S. has lifted its steel and aluminum tariffs, Canada has formally ended its retaliatory tariffs and Mexico is scheduled to do the same.
Canada and Mexico have in return agreed to lift the retaliatory tariffs they imposed on U.S. products. Additionally, the countries have agreed to terminate all pending World Trade Organization litigation pertaining to 232 steel and aluminum tariffs and implement measures to prevent imports of subsidized/dumped steel and aluminum.
For the full statements from the U.S., Mexico and Canada, see below: