Originally published at: TRUMP TRADE: Mexico, Canada LIFT TARIFFS Against US Products as New Deal Nears Ratification | Sean Hannity
Mexico and Canada suddenly abandoned their stiff tariffs on the United States Monday; setting aside the last major roadblock as the three North American nations struggle to reach a new international trade agreement.
“Canada and Mexico on Monday lifted tariffs on a slew of U.S. goods, including steel, aluminum, whiskey and beef as the three countries push for ratification of an updated trade agreement,” reports The Hill.
“The moves by Canada and Mexico come three days after President Trump struck a deal to exempt both trading partners from U.S. tariffs on steel and aluminum imports,” adds the article.
The President abruptly imposed 25% tariffs on imported steel and aluminum from both nations in March 2018 to gain more leverage as the three countries attempted to renegotiate the North American Free Trade Agreement -commonly referred to as NAFTA.
“With these developments, Canadian and American businesses can now get back to what they do best: working together constructively and supporting good, well-paying middle class jobs on both sides of the border,” said Canadian Finance Minister Bill Morneau in a statement. “The removal of tariffs and countermeasures is a true win-win for everyone involved, and great news for Canadian and American workers, for our communities, and our economies.”
The new agreement -the United States-Mexico-Canada Agreement (USMCA)- faces one last legal hurdle and must be approved by the US Congress.
The economic breakthrough comes days after the US and China exchanged a series of stiff tariffs as a potential trade deal stalled towards the end of negotiations.
“Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries. The relationship between President Xi and myself remains a very strong one, and conversations into the future will continue. In the meantime, the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!” posted the Commander-in-Chief on social media.
Read the full report at The Hill.
