US and Canada Near Deal to Lower Steel and Aluminum Tariffs
A tentative agreement would cut US tariffs on certain Canadian steel and aluminum imports from 50% to 25%, with talks still ongoing.
Negotiators are closing in on a tentative deal that would reduce US tariffs on some Canadian steel and aluminum imports from 50% to 25%. Talks remain ongoing, and certain metal products could face different rates.
The planned 50% tariffs have been paused for three days to allow more time to reach an agreement. Canada is also seeking lower tariffs on steel and automobiles.
A deal could reduce cost pressures for US manufacturers and Canadian exporters. Lower tariffs could help US buyers that rely heavily on Canadian aluminum. US industry groups want conditions such as traceability requirements to protect domestic aluminum production and jobs.
A tariff cut would mark a significant easing of US-Canada trade tensions and could lower costs across North American supply chains.
Source: First Squawk