The United States has declared to end tariffs on steel and aluminum after an agreement with the Canadian government. United States has implemented these tariffs on Canadian imports last year amid national security.
The experts are considering the decision as a good omen for the future of a new North American trade agreement. Canada has also announced that it will also withdraw from tariffs on US imports of the same products.
Last year, Canada imposed tariffs on US imports in retaliation of US tariffs on its products. The joint statement of both countries stated that the decision to lift levies on 25% steel and 10% aluminum imports will be effective after 48 hours. Soon, the United States and Mexico will reach on a similar deal. Meanwhile, tariffs can levy again if both countries see a rise in its purchase. Washington has earlier levied tariffs on Chinse imports and Beijing also do the same in retaliation. The Asian countries strongly condemned the US move for causing the largest historical trade war.
European Union exports to the United States also affected with the tariffs. However, the US president has postponed his decision to implement tariffs on imported cars and its parts for now. The US wants more time so to reach on a deal with the European Union otherwise will impose the 25% tariffs. According to the Commerce Department, the US considers imported cars as a threat of national safety and a move to weaken its internal economy.
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