• News
  • World Media

Canada reaches deal with US to drop steel, aluminum tariffs

Canada reaches deal with US to drop steel, aluminum tariffs

President Donald Trump said the us will lift steel and aluminum tariffs on Canada and Mexico, boosting efforts to encourage lawmakers to ratify a new North American trade deal.

Last May, Commerce Secretary Wilbur Ross said the tariffs were necessary to prevent a flood of cheap Chinese steel into the US through its NAFTA partner countries, and conceded they were aimed at accelerating trade talks.

Critics said Canada and Mexico were willing to negotiate changes to the NAFTA agreement and that the tariffs were not needed.

Trump is hoping to use the threat of auto tariffs to pressure Japan and the European Union into making concessions in ongoing trade talks.

American allies Mexico, Canada, Japan and Germany are the leading sources of imported cars and trucks.

Canada and the US both say they will now work together in the coming weeks to get legal approval of the new continental trade deal - a reboot of the original, 25-year-old NAFTA, which Trump has staked much of his political reputation on either replacing or ripping up.

The president had faced a Saturday deadline to make a decision on recommendations by the Commerce Department to protect the US auto industry from imports on national security grounds and imposing tariffs of up to 25 percent. The U.S.is in talks with both trading partners, but autos are not now part of discussions with the EU.

Dan Ujczo, a trade lawyer and Canada-U.S. specialist in Columbus, Ohio, said he believes the U.S. has "moved off of its demand for a hard quota, which is a key factor in the new optimism". The United States previous year imported $192 billion worth of passenger vehicles and $159 billion in auto parts.

USA markets have wobbled wildly in the wake of trade news.




And farmers and business groups in Trump-friendly rural states complained that they were being hurt by the retaliatory tariffs from both Canada and Mexico.

Trump's administration had insisted for months that the tariffs on Canada would not be lifted without quotas being imposed in their place.

The president has dusted off a rarely used weapon in the USA trade war arsenal - Section 232 of the Trade Expansion Act of 1962 - to investigate whether auto imports are a threat to US national security, justifying tariffs.

Volkswagen AG, Toyota Motor Corp. and others have warned of the damaging impacts of imposing tariffs of up to 25 percent on imported cars and parts.

News of the deal to put in place a "monitoring system" for steel and aluminum transshipments broke after U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau discussed the tariffs earlier on Friday.

Unlike his confrontation with China, Trump is virtually alone in favoring tariffs on all imported cars.

Cameron spoke to President Trump about a deal to end the tariffs around midday, according to Cameron Ahmad, Trudeau's director of communications. But after the country placed a 20 percent tariff on pork, trade between the two nations dropped dramatically, forcing American prices down.

The president a year ago rejected the EU's offer to drop its auto tariffs to zero if the USA would do likewise.

Leave Your Comment

Leave Your Comment


Latest News

  • Google updates Android Auto with new look, interface

    Your phone can become the ultimate dashboard screen with Google Assistant's upcoming " driving mode ". Its main use is as a navigation device - you can make it use either Google Maps or Waze by default.
    Pixel 3a and Pixel 3a XL are Google's new mid-range smartphones

    Pixel 3a and Pixel 3a XL are Google's new mid-range smartphones

    Serial leakster Roland Quandt has shared several pictures of the Pixel 3a and Pixel 3a XL in " Just Black " and " Clearly White ". As for authentication, like the Pixel 3 devices, the Pixel 3a XL would also be coming with a rear-mounted fingerprint sensor.
    With two tweets, Trump shatters historic calm in global markets

    With two tweets, Trump shatters historic calm in global markets

    The US government hit China with the most extensive tariffs, starting a trade war between the world's two largest economies. Trump has previously said a trade deal with China should be reached within the coming weeks but he is willing to walk away.
  • Biden promises border plan soon to counter Trump policy

    Biden promises border plan soon to counter Trump policy

    Biden and Heinz control Rosemont Seneca Partners, the private equity firm that received billions of investment dollars from China. As CNN noted, the economy is the president's best issue tested in the new poll, with his other approval ratings all below 50%.
    Constance Wu explains unhappy response to her sitcom renewal

    Constance Wu explains unhappy response to her sitcom renewal

    She also said that, despite the way it appeared , the comments were not about Fresh Off the Boat's renewal. She added she was "so grateful" for the Season 6 pickup and was "proud to be a part" of the cast.
    Matt Ritchie urges Newcastle to finish on a high after Liverpool disappointment

    Matt Ritchie urges Newcastle to finish on a high after Liverpool disappointment

    I couldn't have asked any more of the lads. 'But you can not play against Barcelona and tell the world "Watch this" and after 10 minutes we are level.
  • Kim Kardashian and Kanye West name newborn son Psalm West

    Kim Kardashian and Kanye West name newborn son Psalm West

    Now with little Psalm at home, Kardashian and West definitely have their hands full with four kids, but they're not complaining. Kardashian West posted the news to Instagram with a screenshot of a text sent by her husband Kanye West .
    Kevin Durant Ruled Out For Remainder Of Rockets Series

    Kevin Durant Ruled Out For Remainder Of Rockets Series

    Even though the Warriors held a 14 point halftime lead there were several missed opportunities to extend that lead. However, Durant's injury only amplifies this specific handicapping situation, with the Rockets facing elimination.
    Kim Kardashian Shares Hot Throwback Photo From Met Gala

    Kim Kardashian Shares Hot Throwback Photo From Met Gala

    She traded her sunny California look for a more classic NY appearance upon her arrival. "Back in the New York Groove", she wrote. The Met Gala is held annually in May and attended by a who's who of celebrities , and the dress code is a mandatory OTT.
  • North Korea launches more missiles; US  seizes ship in mounting tensions

    North Korea launches more missiles; US seizes ship in mounting tensions

    Since then Kim has accused Washington of acting in "bad faith" and given it until the end of the year to change its approach. The Defense POW/MIA Accounting Agency, which identifies remains of US service members, has suspended the efforts.
    Iran Says It Will Continue To Enrich Uranium Despite U.S. Pressure

    Iran Says It Will Continue To Enrich Uranium Despite U.S. Pressure

    We should increase production and raise our (non-oil) exports and resist America's plots against the sale of our oil". The United States has tightened sanctions on Iran by increasing restrictions on Iran's nuclear program.
    United States  job creation surges in April as unemployment hits 49-year low

    United States job creation surges in April as unemployment hits 49-year low

    Manufacturing sector payrolls are expected to have rebounded after declining in March for the first time since July 2017. At the same time, the average workweek got slightly shorter, boosting average hourly pay.
  • US Supreme Court allows anti-trust suit against Apple

    US Supreme Court allows anti-trust suit against Apple

    The iPhone users argued that Apple would be under considerable pressure to lower the 30% commission in a competitive environment. Apple said in its statement, "Developers set the price they want to charge for their app and Apple has no role in that".
    Reds reach final after epic Anfield comeback

    Reds reach final after epic Anfield comeback

    After a 3-0 win at home , Barcelona came into the reverse semi-final tie at Anfield as clear favourites to progress to the final. Liverpool fans believed in the ability of their team and they all came out to sing the lads to victory.
    Star Wars, Marvel Movies Get Release Dates; New Mutants Pushed Back

    Star Wars, Marvel Movies Get Release Dates; New Mutants Pushed Back

    The first of those to arrive will be " Avatar 2 ", which has been delayed a year and is now set to arrive on December 17, 2021. While we aren't 100 percent sure what's coming after Star Wars: The Rise of Skywalker , the picture is slightly more clear.
  • Game Of Thrones Series Finale Trailer Debuts

    Game Of Thrones Series Finale Trailer Debuts

    Speaking about the decision to turn Daenerys into the "Mad Queen", the creators of the show David Benioff and D.B. Then it's time to face the upsetting truth that there's only one instalment of HBO's epic fantasy left.
    Durant exits due to right calf strain

    Durant exits due to right calf strain

    Durant was averaging 33.2 points, five rebounds, and 4.4 assists in 33.2 minutes per game against Houston prior to getting hurt. He said after the loss that he'd be fine for Game 5, but his status - play or not; start or not - will be a game-time decision.
    Two injured after shots are fired at Denver school

    Two injured after shots are fired at Denver school

    Deputies are clearing the school, which has about 1,850 students in Kindergarten through 12th grade, room by room, she said. They described the situation as unstable and are directing parents to pick up their children at a nearby staging area.

Breaking News



Recommended

Faldo demands lowered expectations for Woods at Bethpage

Two courses that caught my eye were Doral and Torrey Pines. "We did a lot of work around the greens, which was nice". Open at Bethpage, which featured a steady rain in the second round and an hour delay for rain in the final round.

Antoine Griezmann transfer: France star confirms he is leaving Atletico Madrid

Antoine Griezmann has officially announced his decision to leave Atletico Madrid this summer, with his long predicted move to Barcelona now imminent.

Anthony Travalgia - Ugly effort in Game 2 puts Hurricanes in familiar position

Based on what we've seen in the first two games, I have to side with Boston until they give me a reason to think otherwise. One of those older players who knows how to keep the emotions in check is David Backes .

Man gunned down outside Trump resort in Miami; woman hospitalized

Witnesses claim the rapper became involved in a dispute with a group of unknown individuals when shots were fired. Investigators also issued a Be On the Lookout bulletin for a silver GMC Yukon seen at the site of the shooting.

Apple Shares Fall After Supreme Court Allows Consumer Lawsuit Over App Store

Supreme Court passed down a ruling on Monday that affects Apple and other companies that offer a closed operating system. That's not an easy calculation to do-and it's not a problem that comes up if developers sue Apple instead.

Felicity Huffman to plead guilty in college admissions scam

Sports coaches at universities were also bribed to get youngsters with little talent accepted as recruits for teams. USA actress Felicity Huffman has pleaded guilty to fraudulently conspiring to win a college place for her daughter.

Chinese vice premier says trade talks with US went 'fairly well'

A Chinese employee walks past newly made USA flags at a factory in Fuyang in China's eastern Anhui province, July 13, 2018. After reaching two-month lows on Friday, Asian shares have pulled up slightly ahead of the midnight tariff deadline.

World's Largest Cryptocurrency Exchange Loses $41 Million in Bitcoins to Hackers

However, the real action happened in 2018 when we saw more than $1.1 billion in cryptocurrency getting hacked on exchanges. The Bitcoin withdrawal triggered alarms in Binance's internal system, and the halted withdrawals immediately after that.

China likely to retaliate to U.S. tariff increase - ING

Lawler said the best we can hope for at the end of the talks is an agreement for the sides to keep talking. The White House statement said they also had a working dinner with Liu, who is leading the Chinese side.

'Sincerest congratulations' on birth of baby Sussex

And that is as it should be; for every woman, of royal standing or otherwise, should get to approach motherhood as she sees fit. The wait for baby Sussex's arrival is over, with The Duke and Duchess of Sussex welcoming a baby boy on Monday.