5/17, 8:14 PM (Source: TeleTrader)
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US, Canada confirm deal on steel, aluminum tariff removal

The United States and Canada issued a joint statement on Friday confirming earlier reports that they reached a deal on the removal of steel and aluminum tariffs imposed by Washington last year.

"The United States and Canada agree to eliminate, no later than two days from the issuance of this statement," the statement said. The two countries also vowed to prevent the importation of the two metals which are "unfairly subsidized and/or sold at dumped prices," as well as to " prevent the transshipment of aluminum and steel made outside of Canada or the United States to the other country."

The statement adds that Washington and Ottawa will establish a monitoring system of steel and aluminum trade. "In monitoring for surges, either country may treat products made with steel that is melted and poured in North America separately from products that are not," they added.

Breaking the News / NP