Candace Elliott / Reuters
Updated at 15:00. ET
The Trump government has reached an agreement to lift tariffs on steel and aluminum imports from Canada and Mexico, which could bring the three nations closer to ratification of the USMCA trade agreement, which would replace NAFTA.
According to a joint declaration by the Canadian Department of State between the US and Canada, tariffs will be lifted within two days.
The US tariffs on metals from Canada and Mexico have been running 25% for almost a year and aluminum for a 10% hike. Retaliatory tariffs from Canada and Mexico have been around for almost as long.
"I am pleased to announce that we have just reached an agreement with Canada and Mexico," said President Trump at a National Association of Realtors event on Friday.
Trump then called on Congress to ratify the USMCA to "make our economy even more successful than it already is – if that's possible, and that's possible."
Mexico's Foreign Policy Jesús Seade, Under Secretary of State for North America, also welcomed the agreement and said it had been received in Mexico "with great enthusiasm." He added, "This action opens the way to ratification" of the NAFTA replacement agreement.
Canadian Prime Minister Justin Trudeau spoke about the breakthrough on Friday afternoon and said, "There was not a single breakthrough" in the negotiations.  At Stelco's steel plant in Hamilton, Ontario, Trudeau told reporters that he had "many discussions with the president last week and that these tariffs harm both workers and consumers on both sides of the US border."  And as the leaders of both countries hope to ratify the USMCA, Trudeau said: "It did not make much sense to continue to have tariffs on steel and aluminum between our countries."
According to Cameron Ahmad, Director of Trudeau Communications, Trudeau spoke with Trump at noon about an agreement to end tariffs.
The joint statement between the US and Canada states that the two countries will create an opportunity to monitor aluminum and steel. This is done to prevent aluminum and steel from third countries being "transhipped".
The agreement calls on both countries to prevent imports of aluminum and steel that are "unjustifiably subsidized and / or sold" at dumped prices. "
The pact also leaves room for the introduction of tariffs." Imports of aluminum or steel products increased over time, taking into account their market share, significantly beyond the historical volume of trade. "
" Canada buys more American steel than any other country in the world and accounts for around 50% of US exports, "said the Canadian government It adds that almost 84% of Canadian aluminum production is exported to the US
In response to the Customs Agreement, the Coalition of American Metal Manufacturers and Users (CAMMU) welcomed the news and called on the Trump administration to reject other steel The group of US corporations and trade associations represents some 30,000 companies and was founded to campaign for Trump's metal tariffs.
Lead times for domestic and imports of steel and aluminum make the US an island of high Steel prices, "the coalition said in a statement to NPR Friday.
CAMMU also praised the new agreement not to replace the newly eliminated tariffs with quotas that were described as "even worse for US companies".
About a month after receiving a letter from 25 US steel and metals companies calling for action, Trump imposed steel and aluminum tariffs on every country except Canada and Mexico. To prevent excessive steel capacity and steel imports from undermining our national security and the viability of the US steel industry.
Trump's original order contained clippings for its nearest neighbors, and after the negotiations on a revised NAFTA agreement took longer than the US government had hoped, Canada and Mexico were included in the tariffs The leaders of the three countries signed the new Mexico Agreement at the end of November and will only take effect once all three countries have ratified the Pact.
At the end of April, Chuck Grassley, chairman of the Senate Finance Committee, warned that the USMCA Agreement was "dead" unless steel and aluminum tariffs were lifted.
Two days after Treasury Secretary Steven Mnuchin said in a statement to a Senate Senate Subcommittee that an agreement would be reached this week, an agreement was reached
Mexican Minister of Economic Affairs Graciela Márquez Colín said she believes that a solution Immediately after her meeting in Toronto with Canadian Foreign Minister Chrystia Freeland.