US Set to Cut Tariffs on Canada Metals, Autos in Trade Deal
The tentative trade deal between the US and Canada would lower tariffs on certain Canadian exports of steel and aluminum to 25% and cut duties on Canadian auto exports to 15%, according to people familiar with the matter.
The US and Canada are negotiating a tentative trade deal that would lower tariffs on certain Canadian exports. According to sources, the agreement would reduce steel and aluminum tariffs to 25%, and cut duties on Canadian auto exports to 15%. The finalized deal is expected to exempt certain derivative products containing these metals, and non-US content in autos exported from Canada would face a 15% tariff, down from 25%.
These changes come after US President Donald Trump temporarily halted planned 50% levies on billions of dollars worth of Canadian goods, allowing more time for negotiation. Canada is also seeking exclusions and other measures to change the scope of existing duties, which have strained the relationship with the US. Canadian Prime Minister Mark Carney emphasized that negotiators are aiming for deals with "the best terms in each of Canada’s most important strategic sectors," but domestic backlash is possible if tariffs remain significant.
The US and Canada's trade relationship has been strained, with Trump imposing tariffs on Canadian steel and aluminum last year.
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