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U.S. Closer to Ending Metal Tariffs for Canada, Mexico?
The White House says it is “close to an understanding” with Canada and Mexico about lifting U.S. tariffs of 25% on steel and 10% on aluminum from the two countries.
#aluminum #economics
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The Trump administration says it is “close to an understanding” with Canada and Mexico about lifting U.S. tariffs of 25% on steel and 10% on aluminum from the two countries.
But it isn’t clear how. Both countries continue to oppose the White House offer to drop the tariffs in exchange for quotas on metal they ship to the U.S.
The Trump administration wants a deal that includes controls to prevent Canada and Mexico from becoming conduits for cheap metal made in China and other lower-cost producers. The aim is to bolster domestic aluminum and steel producers.
The two countries regard tariffs or quotas as impediments to ratifying the updated North American Free Trade Agreement signed by all three countries last November.
The so-called U.S.-Mexico-Canada Agreement also imposes tougher local content levels for cars shipped within the bloc. The requirement is another Trump administration effort to bolster employment in the U.S. among carmakers and their suppliers.
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