U.S. INKS TRADE DEALS WITH CANADA, MEXICO

Washington, May 18: The US on Friday reached an agreement with Canada and Mexico to lift tariffs on steel and aluminum, and the corresponding retaliatory tariffs, a move likely to ease trade tensions between the three North American countries.

Elimination of these tariffs is expected to remove a significant barrier to passing the United States-MexicoCanada Agreement (USMCA). The $1.4 trillion in North American trade supports more than 12 million American jobs. “I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico and will be selling our product into those countries without the imposition of tariffs or major tariffs,” Trump said in his address to the National Association of Realtors Legislative Meeting.

Trump said the agreement is going to be a “fantastic deal” for the US. He hoped the Congress will approve the USMCA quickly.

“And then the great farmers and manufacturers and steel plants will make our economy even more successful than it already is if that's possible -- which it is possible,” he said.

Earlier, Trump spoke with Canadian Prime Minister Justin Trudeau.

“The two leaders discussed the United States' Section 232 tariffs on steel and aluminum and Canada’s retaliatory tariffs. The two leaders also discussed relations with China, uranium, and the new NAFTA,” a Canadian press release said.

Such an agreement between the US, Canada and Mexico clears a major obstacle to the congressional approval of new North American trade deal called USMCA.