In a joint announcement, US, Canada and Mexico said a deal was reached to remove Section 232 steel and aluminum tariffs, and related retaliatory tariffs.
Under the agreement, aggressive monitoring and a mechanism will be set up to “prevent surges in imports of steel and aluminum.”. US may re-impose the Section 232 tariffs if surges occur. And retaliation by Canada and Mexico would then be “limited to steel and aluminum products” only.
With the most important hurdle cleared, the three countries could see the USMCA ratified by respective parliament rather quickly.
