Trump Removes Tariffs On Canada And Mexico
On Friday May 17, US President Donald Trump said the United States reached an agreement with Canada and Mexico to remove Section 232 tariffs.
This deal was necessary to assure the ratification of the United States-Mexico-Canada Agreement (USMCA), which is set to replace North American Free Trade Agreement (NAFTA).
In March of 2018, President Trump added 25% tariffs on steel imports and 10% on aluminum imports from Canada and Mexico.
Tariffs On Steel Imports From Turkey Lowered
On Friday May 17, the United States lowered tariffs on Turkey steel imports. The tariffs were dropped to 25% from 50%.
These tariffs on Turkish aluminum and steel were added partially because of poor foreign relations between the two countries. Last year during August, President Trump imposed the tariffs.
The AMM reports that “Turkish market participants believe the reduction of the duty will allow for the resumption of shipments to the US and will help domestic steel production grow in Turkey.”
In addition, “Turkish steel prices are expected to be competitive in the US market.”
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