After US President Donald Trump announced in August that the US would be reimposing 10% tariffs on aluminum from Canada, the Office of the US Trade Representative has now walked backed on that plan, saying in a statement on Tuesday that the US will “resume duty-free treatment of non-allowed, unwrought aluminum” from Canada.
The OUSTR said the decision comes “after consultations with the Canadian government determined that trade in non-alloyed, unwrought aluminum is likely to normalize in the last four months of 2020, with imports declining sharply from the surges experienced earlier in the year.”
“Average monthly imports are expected to decline 50 percent from the monthly average in the period of January through July,” the OUSTR said.
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Accordingly, “the United States will modify the terms of the 10 percent tariff imposed in August on imports of Canadian non-alloyed unwrought aluminum.”
The news comes the same day Canada was expected to announce retaliatory tariffs in response to the aluminum tariffs.
The federal government is expected to speak on the matter later today.