Treasury Secretary indicates an end of steel and aluminium tariffs on Canada and Mexico soon

According to a Canadian media report a top Trump administration cabinet member has said the punitive steel and aluminium tariffs on Canada and Mexico will be lifted very soon.

U.S. Treasury Secretary Steven Mnuchin said the U.S. is close to reaching an “understanding” with Canada and Mexico in the negotiation process of lifting the 25-per-cent duty on steel and 10-per-cent duty on aluminium from the two close trade allies.

Mnuchin testified at the U.S. Senate appropriations subcommittee on the lifting of tariffs. Mnuchin said that lifting of the tariffs is an important step before ratifying the newly negotiated USMCA trade deal in all three countries, which would replace NAFTA. He added that President Donald Trump had issued instructions to resolve the tariff issues before the implementation of the new deal.

While he was testifying in the process, Canadian Foreign Affairs Minister Chrystia Freeland also headed to Washington to meet Trump trade czar Robert Lighthizer to negotiate on the lifting of tariffs.

Freeland would also have a meeting with the influential Republican chair of the Senate finance committee, Chuck Grassley. He expressed positive indication earlier this week that the tariffs might soon be lifted on Canada and Mexico.

Mnuchin added that he had discussions with U.S. Finance Minister Bill Morneau and their Mexican counterpart about the tariffs, however, Lighthizer is actively leading the tariff discussions.

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