US,Canada and Mexico Drops Steel And*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875*. Aluminum Tariffs On Each Other's Exports.

The US has dropped steel and aluminum tariffs on Canada and Mexico. The tariffs had stood for just under a year and were part of the trade dispute between the north American trading partners.

    

The United States, Canadian and Mexican governments on Friday announced that they would*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875* be scrapping tariffs on each other's steel and aluminum products, effective in 48 hours. 

US President Donald Trump said the US "will be selling our product into those countries, without the imposition of tariffs" during a speech to the National Association of Realtors.

The US had imposed tariffs of:

• 25% on imported steel
• 10% on imported aluminum

• 
  TRUMP'S TARIFFS AND WHO THEY TARGET

  Solar panels and washing machines

  The first round of tariffs in 2018 were on all imported washing machines and solar panels — not just those from China. A study by economists from the Federal Reserve Bank of New York, Columbia University, and Princeton University found that the burden of Trump's tariffs — including taxes on steel, aluminum, solar panels falls entirely on US consumers and businesses who buy imported products.

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Watershed moment

Mexico described the move as "very satisfactory," while Canadian Prime Minister Justin Trudeau hailed the decision as a*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875* watershed moment in a bitter trade dispute between members of the North American Free Trade Agreement (NAFTA).

"Obviously these continued tariffs on steel and aluminum and our countermeasures represented significant barriers to moving forward with the new NAFTA agreement," Trudeau told a press conference. "Now that we've had a full lift on these tariffs, we are going to work with the United States on timing for ratification but we're very optimistic we are going to be able to move forward well in the coming weeks."

In light of the agreement, Vice President Pence tweeted that he would be traveling to*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875* Canada to work on the revamped trade agreement, calling the deal "a WIN for all three nations."

Vice President Mike Pence

✔@VP

I’ll travel to Ottawa, Canada on May 30th to meet with Prime Minister @JustinTrudeau on advancing the U.S. - Mexico - Canada Agreement (USMCA) as swiftly as possible. This is a WIN for all 3 nations!

CNBC

✔@CNBC

The U.S. has reached a deal to remove steel and aluminum tariffs on Canada and Mexico. https://cnb.cx/2HAZzrA 

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8:08 PM - May 17, 2019

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Chinese steel now in focus

In a joint statement, the US and Canada said they would work to prevent cheap imports of steel and aluminum from entering North America. China has long been accused of flooding world markets with subsidized metal products, driving down world prices and hurting US producers.

The countries will take steps to prevent dumping and the importation of aluminium and steel that is unfairly subsidized, the*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875* statement says. The US will reserve the right to reimpose the tariffs if there is a surge in imports "beyond historic volumes."

The US, Mexico and Canada are part of the NAFTA free trade bloc. The terms of that alliance were renegotiated somewhat under Trump, though the renewed deal is still pending approval in Congress.

Canada and Mexico were forced into rewriting the NAFTA trade pact. The new agreement is called the United States—Mexico—Canada Agreement

The national security clause

By imposing the tariffs on steel and aluminium and threatening ones on autos, Trump was relying on a rarely-used weapon in the US trade war arsenal — Section 232*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875* of the Trade Expansion Act of 1962 — which lets the president impose tariffs on imports if the Commerce Department deems them a threat to national security.

However, the steel and aluminum tariffs were also designed to coerce Canada and Mexico into agreeing to a rewrite of North American free trade pact. The Mexicans and the Canadians went along last year with a revamped regional trade deal that was to Trump's liking. But the administration had refused to lift the import taxes until Friday.

While the tariffs helped many US steel and aluminum makers, the retaliatory tariffs hurt other sectors of the US economy, such as*I urgently need support and donations:Name:Anyasoro Chekwube WM.,Acct.no.:4240853014,Bank:FCMB in Nigeria,My facebook acct.:www.facebook.com/chekwube.anyasoro.1,Phone no.:+2349092171875* agriculture. At the time, Mexico and Canada imposed retaliatory tariffs on US metals, pork legs, apples, grapes, cheese and bourbon whisky, among other products.

av/msh (dpa, Reuters),ref. deutche welle.