Canada, Mexico and US agree to drop tariffs

By Aidan Fortune contact

- Last updated on GMT

Canada, Mexico and US agree to drop tariffs

Related tags: Beef

North American nations the US, Canada and Mexico have reached an agreement to cut tariffs and take a step closer to agreeing a new trade agreement.

The US lifted tariffs on steel and aluminium from both countries late last week, and both neighbouring nations followed suit soon after. Both Canada and Mexico had placed tariffs on US orange juice, whiskey and beef.

The tariff war started last summer as part of USMCA negotiations to replace the North American Free Trade Agreement (NAFTA). The USMCA requires the approval of legislatures in all three countries before it can go into effect.

Bill Morneau, Canada’s Minister of Finance, said: “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.  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.”

Upon removing the tariffs last week, US Secretary of Agriculture Sonny Perdue said:

“This is a big win for American agriculture and the economy as a whole. I thank President Trump for negotiating a great deal and for negotiating the removal of these tariffs. Canada and Mexico are two of our top three trading partners, and it is my expectation that they will immediately pull back their retaliatory tariffs against our agricultural products. Congress should move swiftly to ratify the USMCA so American farmers can begin to benefit from the agreement.”

US Meat Export Federation president and CEO Dan Halstrom welcomed the announcement.

“Restoring duty-free access to the Mexican and Canadian markets is a tremendous breakthrough for the US red meat industry. USMEF thanks President Trump and Ambassador Robert Lighthizer for reaching an agreement with Mexico and Canada on steel and aluminum tariffs and in turn Mexico and Canada’s lifting of the retaliatory duties on US red meat. This also removes a significant obstacle for the US-Mexico-Canada Agreement (USMCA), and USMEF is hopeful that all three countries ratify USMCA as soon as possible.”

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