This will be done within 48 hours, the parties said in a joint statement.
Canada and the USA have agreed about cancellation within of American duties on shipments of steel and aluminum from Canada and Canadian retaliatory tariffs on some American goods within 48 hours. This was said on Friday in a joint statement of the parties, which was distributed by the press service of the government of Canada.
“The United States and Canada agree to exclude no later than two days after the issuance of this statement: all tariffs imposed by the United States under article 232 (American trade expansion act of 1962) for steel and aluminum from Canada, and all tariffs introduced by Canada in response to these actions,” the document says.
Washington and Ottawa also agreed to “take effective measures to prevent the importation of steel and aluminum that are unfairly subsidized and/or sold at dumping prices, as well as to prevent the transit of steel and aluminum that were produced outside Canada or the United States to another country.” The parties agreed to establish a process to monitor the trade in these metals.
The agreement states that if imports of steel and aluminum significantly exceed historical volumes of trade it in a certain period of time, taking into account the total market share, the importing country may request advice from the exporting country. After a consultation, the importing country may impose duties of 25% on steel and 10% on aluminum. “At the same time, the exporting country can introduce retaliatory measures only in this sector, that is, for aluminum, products containing aluminum and steel,” the statement says.