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U.S. May Swap Quotas for Tariffs on Canada, Mexico Steel, Aluminum
The Trump administration is pushing to impose quotas on imported aluminum and steel from Canada and Mexico.
#economics #aluminum
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The Trump administration is pushing to impose quotas on imported aluminum and steel from Canada and Mexico.
The quotas would replace the current tariffs of 25% on steel and 10% on aluminum from the two countries, The New York Times reports. The tariffs, which the White House imposed globally, remained in place after the U.S., Canada and Mexico agreed a month ago on a tentative update to the North American Free Trade Agreement.
Canada and Mexico has been pressing the Trump Administration to drop the quotas as a goodwill gesture before the ceremonial signing of the agreement at the end of next week during the G20 summit in Buenos Aires.
U.S.-Canada negotiators remain far apart on a quota agreement., sources tell the Times. They say the U.S. wants a rigid quota, and Canada insists on a flexible arrangement with greater upper limits.
Canada has called the U.S. taxes on imported aluminum and steel, which were justified in terms of national security, as “illegal and unjustified.” The country is urging the Trump administration to use the G20 summit to “lift these absurd tariffs.”
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