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U.S. Would Waive Tariffs for Canada, Mexico if NAFTA Update Succeeds
Canada and Mexico would be exempted from proposed US. tariffs on aluminum and steel if the three countries agree on updates to the North American Free Trade Agreement.
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Canada and Mexico would be exempted from proposed US. tariffs on aluminum and steel if the three countries agree on updates to the North American Free Trade Agreement, says U.S. Trade Representative Robert Lighthizer.
Lighthizer says President Donald Trump considers the offer as an incentive to reach accord on NAFTA updates after seven unsuccessful rounds of negotiations.
But Lighthizer also warns that time is running out for an agreement. He points to a presidential election in Mexico on July 1 and Congressional midterm elections this autumn in the U.S., both of which will generate more political headwinds.
Canada and Mexico both have threatened to respond with retaliatory tariffs if they are included in the 25% tariff on steel and 10% tax on aluminum planned by the Trump administration. Canada is the U.S.’s largest import source for both metals.
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