The USA is removing steel and aluminium tariffs imposed on Canada and Mexico under Section 232 of the Trade Expansion Act of 1962, with all retaliatory tariffs on US goods and any pending litigation also coming to an end.
The US Trade Representative (USTR) said: “This agreement is great news for American farmers that have been subject to retaliatory tariffs from Canada and Mexico. At the same time, the agreement will continue to protect America’s steel and aluminium industries.”
Indeed, steel cargoes underpin the activities of various multipurpose and bulk carriers, and this will therefore also be welcome news for those operators.
Joint statements from the USA, Canada and Mexico said that each country would also take steps to prevent imports of the metals that are “unfairly subsidised and/or sold at dumped prices”. In addition, they will work together to prevent the transhipment of aluminium or steel produced elsewhere into the USA, Canada or Mexico.
However, should a surge in imports of specified steel or aluminium products occur, the importing party may apply duties of 25 percent for steel and 10 percent for aluminium to those goods. In that case, the exporting country would retaliate only in the affected sector.
The products covered include sheet steel, pipes and tubes, stainless steel, rails and other long products, semi-finished steel products, and both wrought and unwrought aluminium.
