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MoneyEnd of U.S. tariffs on Canadian, Mexican steel and aluminum close: Mnuchin

22:55  15 may  2019
22:55  15 may  2019 Source:   msn.com

Dow closes nearly 500 points lower in biggest drop since January

Dow closes nearly 500 points lower in biggest drop since January Stocks fell sharply Tuesday after a top U.S. trade official indicated that higher tariffs on Chinese goods are coming later this week.

Mnuchin says lifting the tariffs is an important part of getting the newly negotiated North American free-trade deal ratified in all three countries, and he says President Mnuchin was testifying at the U . S . Senate appropriations subcommittee as Canadian Foreign Affairs Minister Chrystia Freeland heads to

Treasury Secretary Steven Mnuchin says the U . S . is close to an “understanding” with its two North American neighbours about finally lifting the 25-per-cent duty on steel and 10-per-cent levy on aluminum imports from their two countries. Mnuchin says lifting the tariffs is an important part of

End of U.S. tariffs on Canadian, Mexican steel and aluminum close: Mnuchin© Provided by Canadian Press Enterprises Inc

OTTAWA — A top Trump administration cabinet member says the end of punishing steel and aluminium tariffs on Canada and Mexico is close at hand.

"I think we are close to an understanding with Mexico and Canada," Treasury Secretary Steven Mnuchin said Wednesday, as Foreign Affairs Minister Chrystia Freeland met with Trump trade czar Robert Lighthizer in a renewed push to get the tariffs lifted.

Mnuchin was testifying before the U.S. Senate appropriations subcommittee where he was asked why those two countries continue to face a 25-per-cent duty on steel and 10-per-cent levy on aluminum exports to the United States.

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“I think we are close to an understanding with Mexico and Canada ,” Treasury Secretary Steven Mnuchin had said in Congress, prior to “I’m regularly putting forward the point of view that these tariffs are not only not helpful to the Canadian economy — to either the producers or buyers of steel

The metal tariffs -- 25% on steel and 10% on aluminum -- had caused a deep rift in the ordinarily cheerful US - Canada relationship, which officials say suffered as Trump repeatedly refused Canadian Prime Minister Justin Trudeau' s requests to reverse course. On Friday, however, those tensions

Mnuchin said he has spoken to Finance Minister Bill Morneau and their Mexican counterpart about the tariffs, but that Lighthizer is actively leading discussions.

"My sense is that we're making progress but there's obviously more work to be done," Morneau said Wednesday.

Morneau said he raises the tariffs with Mnuchin every time they talk, including in a telephone call last week and face-to-face meetings last month in Washington at World Bank and G20 finance ministers' meetings.

"I'm regularly putting forward the point of view that these tariffs are not only not helpful to the Canadian economy — to either the producers or buyers of steel — but they're also damaging to the U.S. economy," said Morneau.

President Donald Trump imposed the tariffs during contentious continental trade talks by using a section of U.S. law that allows the president to tax imports on national security grounds. The three countries' negotiators ultimately reached a new deal that the Americans call the United States-Mexico-Canada Agreement.

U.S.-China Trade War: What Led to the Stalemate

U.S.-China Trade War: What Led to the Stalemate A year into the economic war between the U.S. and China, all signs are that the conflict will continue to get worse, with both sides raising tariffs and signalling an unwillingness to compromise. Here’s what has happened this year and some possible future events, in reverse chronological order:DateJoint actionU.S. actionChinese action 28-29/06/2019 G-20 summit in Osaka, Japan, provides opportunity for Presidents Xi Jinping and Donald Trump to meet. 6/17/2019 Public hearings on the new round of tariffs before they can be implemented. 6/1/2019 Chinese tariffs start on $60 billion of imports start being applied.

Canada and Mexico want the Trump metal tariffs lifted, but the administration is trying to limit the The metal tariffs have proved to be especially frustrating to Canada , a close military ally of the Mr. Trump imposed the steel and aluminum tariffs using Section 232 of the Trade Expansion Act of

The administration has reached agreements with Canada and Mexico that end U . S .-imposed tariffs on steel and aluminum imports, President Trump Mr. Trump hailed the deal in a speech in Washington, saying the U . S . “just reached an agreement with Canada and Mexico and we will be selling our

Mnuchin acknowledged what business leaders in all three countries, as well as U.S. lawmakers on both sides of the political divide, have been saying: that the tariffs must be lifted for the newly negotiated North American free trade deal to be ratified by legislators.

"I can assure you that Canada and Mexico are the priority," Mnuchin said. "The president has instructed us to try to figure out a solution, and this is a very important part of passing USMCA, which is a very important economic agreement for two of our largest trading partners."

Freeland had no new developments to report as she emerged in the morning from the headquarters of the United States Trade Representative. She said she had a "good meeting" with Lighthizer.

"And we made the case, as we have been doing for some time, that the best outcome for both Canadians and Americans would be to lift those tariffs and to have free trade between our two countries," Freeland told reporters.

Mexican official says a deal is close to lift U.S. steel tariffs as Freeland heads to D.C.

Mexican official says a deal is close to lift U.S. steel tariffs as Freeland heads to D.C. A senior Mexican cabinet secretary said today she thinks Mexico is close to a deal to lift the United States' controversial 'national security' tariffs on steel and aluminum and suggested Canada, the U.S. and Mexico might negotiate a trilateral agreement to eliminate the tariffs. "Our chief negotiator Jesus Seade has been in Washington for a number of days in the past few months," Mexican Secretary of Economy Graciela Márquez Colín said Tuesday in an interview on CBC News Networks Power & Politics. "We are, I think, close to negotiating a lifting of the tariffs.

The elimination of steel and aluminum tariffs on Mexico and Canada allows the United States- Mexico - Canada Agreement to reach its full potential. "We urge Congress to swiftly pass the USMCA to promote an integrated, globally competitive automotive business. We will continue to be a

US reaches deal to lift steel and aluminum tariffs on Canada and Mexico . Published Fri, May 17 201912:40 PM EDTUpdated Fri, May 17 20194:43 PM EDT. In a separate statement, the Mexican government also said it would remove retaliatory tariffs it put on the U . S . and cease pending litigation.

Freeland is scheduled to go to Capitol Hill for a meeting with the influential Republican chair of the Senate finance committee, Chuck Grassley, who expressed optimism earlier this week that the tariffs might soon be lifted.

Her visit comes after Trump and Prime Minister Justin Trudeau discussed the tariffs in a pair of telephone calls on consecutive days late last week.

Freeland, Trudeau and others in the Canadian government have derided the tariffs as absurd, illegal and insulting.

Lighthizer is also expected to meet House of Representatives Speaker Nancy Pelosi on Wednesday to discuss the Canada-Mexico tariffs and the broader U.S. tariff war with China.

Pelosi and fellow Democrats in the House have raised concerns about ratifying the new trade deal because of concerns over labour rights in Mexico, among other things.

Freeland discussed workers' rights in her meeting with Lighthizer, and filled him in on her talks on Tuesday in Toronto with two visiting members of the new Mexican government, which is embarking on major labour reforms in order to meet its obligations under the new trade deal.

A chronology of Canada’s standoff with U.S. over steel, aluminum levies

A chronology of Canada’s standoff with U.S. over steel, aluminum levies OTTAWA - Here is a timeline of key events in Canada’s dispute with the United States over NAFTA, the U.S.-Mexico-Canada Agreement and American tariffs on steel and aluminum : June 28, 2016: Republican presidential candidate Donald Trump declares his antipathy for the North American Free Trade Agreement in a campaign speech in Pittsburgh, in the heart of a Rust Belt state that he would eventually win to secure the presidency. “NAFTA was the worst trade deal in history,” says Trump, pledging to renegotiate the pact “to get a better deal for our workers.

“ Tariff -free trade will be restored in these products,” the statement said. For its part, Mexico said that it would lift the retaliatory tariffs that it had imposed. Both countries agreed to take measures to avoid dumping and to establish a process to monitor steel and aluminum trade between the two countries.

However, the steel and aluminum tariffs were also designed to coerce Canada and Mexico into agreeing to a rewrite of North American free trade pact. The Mexicans and the Canadians went along last year with a revamped regional trade deal that was to Trump' s liking. But the administration had

"We discussed ways Canada can support Mexico in this important effort, which is good for workers in Mexico, good for workers across North America," she said. "Canada is a real supporter of union rights and we're happy to be discussing that important issue with our Mexican colleagues.

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