Mexico and Canada suddenly abandoned their stiff tariffs on the United States Monday; setting aside the last major roadblock as the three North American nations struggle to reach a new international trade agreement.
“Canada and Mexico on Monday lifted tariffs on a slew of U.S. goods, including steel, aluminum, whiskey and beef as the three countries push for ratification of an updated trade agreement,” reports The Hill.
“The moves by Canada and Mexico come three days after President Trump struck a deal to exempt both trading partners from U.S. tariffs on steel and aluminum imports,” adds the article.
The President abruptly imposed 25% tariffs on imported steel and aluminum from both nations in March 2018 to gain more leverage as the three countries attempted to renegotiate the North American Free Trade Agreement -commonly referred to as NAFTA.
“With these developments, Canadian and American businesses can now get back to what they do best: working together constructively and supporting good, well-paying middle class jobs on both sides of the border,” said Canadian Finance Minister Bill Morneau in a statement. “The removal of tariffs and countermeasures is a true win-win for everyone involved, and great news for Canadian and American workers, for our communities, and our economies.”
The new agreement -the United States-Mexico-Canada Agreement (USMCA)- faces one last legal hurdle and must be approved by the US Congress.
The economic breakthrough comes days after the US and China exchanged a series of stiff tariffs as a potential trade deal stalled towards the end of negotiations.
“Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries. The relationship between President Xi and myself remains a very strong one, and conversations into the future will continue. In the meantime, the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!” posted the Commander-in-Chief on social media.
Read the full report at The Hill.
AMERICA FIRST: The President Labels Himself ‘TARIFF MAN,’ Warns Those Seeking to ‘Raid our Nation’
President Trump doubled-down on his widespread use of trade tariffs to improve the US economy and the American manufacturing base Tuesday, saying he is a “tariff man” after reaching a 90-day “truce” with China.
“I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN,” tweeted the Commander-in-Chief.
….I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so. It will always be the best way to max out our economic power. We are right now taking in $billions in Tariffs. MAKE AMERICA RICH AGAIN
— Donald J. Trump (@realDonaldTrump) December 4, 2018
“But if a fair deal is able to be made with China, one that does all of the many things we know must be finally done, I will happily sign. Let the negotiations begin. MAKE AMERICA GREAT AGAIN!” he added.
AMERICA FIRST: The President Says Country’s with Unfair Trade Deals Will be ‘TARIFFED’
President Trump doubled-down on his administration’s aggressive international trade policies Monday; saying nations with unfair trade deals will be “tariffed” in the coming weeks.
The Commander-in-Chief praised the international tax on social media just days after threatening China with a new round of tariffs, adding “Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
The President’s comments come after he threatened China and other countries with upwards of $250 billion tariffs on foreign-produced goods, including aluminum, steel, and other raw materials.
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