Canada Could Get Tariff Relief on Steel, Aluminum and Automobiles

Canada could receive some tariff relief on steel, aluminum and automobiles under a new trade deal with the United States that is reportedly nearing completion.

According to reports, Washington could reduce the current 50% tariff on some Canadian steel and aluminum exports to 25% as part of the agreement. However, the details have not yet been finalized, and the new rates are not expected to apply equally to all products. Different tariffs could be imposed on certain steel- and aluminum-derived products.

Meanwhile, the top-line tariff on automobiles could reportedly be reduced from 25% to 15%.

The office of Canada-U.S. Trade Minister Dominic LeBlanc has confirmed that LeBlanc is returning to Ottawa from Washington. He is expected to meet with Prime Minister Mark Carney to continue the necessary discussions and work toward finalizing the trade agreement.