Canada ends tariffs on US goods as trade tensions ease
  • ECONOMY

  • 18:34 20 May 2019

Canada ends tariffs on US goods as trade tensions ease

A US decision to end tariffs on Canadian steel and aluminium products prompted Canada to reciprocate by ending retaliatory duties on American goods, the nation’s Finance Ministry announced in a press release on Monday, ONA reports citing Sputniknews.

"Finance Minister Bill Morneau announced that effective today, Canada is lifting its retaliatory countermeasures against the United States," the release stated.

The announcement followed a Friday decision by the United States to end tariffs on Canadian steel and aluminum that were imposed before successful negotiations that yielded a new trade agreement to between the United States, Canada and Mexico to replace the 25-year-old North American Free Trade Agreement (NAFTA), the release said.

Canada responded by imposing reciprocal, dollar-for-dollar countermeasures against imports of steel, aluminum and other products from the United States, according to the release.

Last year, Washington decided to no longer exempt Canada and Mexico from 25 percent tariffs on steel imports and 10 percent duties on aluminium imports. Back then, Trump urged Canada and Mexico to ban Chinese steel from entering the US through their territory, stating that the foreign metals posed a threat to national security.

Faig Mahmudov

Tags: Canada tariffs US goods trade tension

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