President Donald Trump lifted steel and aluminum tariffs on Canada and Mexico Friday (May 17) afternoon, a move designed to ease one area of tensions even as the President’s wider trade agenda faces an uncertain future.
CNN reported that a joint statement from the U.S. and Canadian governments said the tariffs — which had been in place for a year — would be removed within two days. The two sides agreed on monitoring and enforcement mechanisms to prevent steel dumping that might affect prices.
The announcement came a day after the Trump administration announced it would delay a decision on imposing new tariffs on foreign automobiles, in part because it said it was working to negotiate new trade agreements with Japan and the European Union.
Taken together, the two moves amount to attempt to ease global trade tensions at a moment when markets and investors are still reeling from Trump’s decision to apply new tariffs on China after trade negotiations with Beijing collapsed last week. China has said it would retaliate with its own escalated tariffs on U.S. exports.
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