Posted on 04 Dec 2018
The United States-Mexico-Canada Agreement (USMCA) was formally signed into law last week, however tariffs on steel and aluminium remain in place between the three North American countries, Kallanish reports.
The American Iron and Steel Institute (AISI) has praised the trade agreement, saying it strengthens automotive trade opportunities between the countries.
“We appreciate the administration’s hard work to reach this trade agreement between the US, Canada and Mexico. The NAFTA has provided significant benefits for the American steel industry by promoting the development of manufacturing supply chains in North America, especially with key customer groups like the automotive industry. The new agreement builds on this success by establishing new rules of origin that will further incentivise the use of North American steel in the manufacturing of automobiles and other steel-intensive goods in North America,” says AISI ceo Thomas Gibson in a written statement sent to Kallanish.
At the signing in Buenos Aires, Canadian Prime Minister Justin Trudeau told US President Donald Trump that recent layoffs and plant closings by US automaker General Motors highlight the need to eliminate steel tariffs. "Donald, it's all the more reason why we need to keep working to remove the tariffs on steel and aluminium between our countries." Trudeau is reported to have said by CNBC.
