On May 17 the Trump administration announced plans to lift the 25% tariff on steel and the 10% duty on aluminum imports imposed last year on Canada and Mexico. Both countries subsequently retaliated against a host of U.S. products. The turmoil has slowed passage of the United States-Mexico-Canada Agreement (USMCA).
“Today’s lifting of steel and aluminum tariffs on Mexican and Canadian imports and the elimination of retaliatory tariffs on U.S. agricultural products by Mexico and Canada is welcome news,’ said Zippy Duvall, president of the American Farm Bureau Federation. “Retaliatory tariffs are a drag on American farmers and ranchers at a time when they are suffering more economic difficulty than many can remember. Elimination of these tariffs should help pave the way for approval of the USMCA by Congress. Likewise, keeping an eye on today’s deal should address concerns about dumping and unfair subsidies.
“With this milestone reached, we urge negotiators to continue their work toward re-opening markets with the European Union, China and Japan. The Farm Bureau believes in fair trade. Eliminating more tariffs and other trade barriers is critical to achieving that goal.”