Status of Metal Tariffs with Canada and Mexico (Oct 1, 2018)
The deal to replace NAFTA was secured, but the steel and aluminum tariffs will be dealt with separately. There is an option to the tariffs, with a discussion of setting a quota.
In Mexico, the benchmark price of steel has climbed 31 percent.
Eighty-four percent of aluminum produced in Canada, or 2.5 million metric tons, is exported to the U.S. each year.
We shared on our Facebook page that The US is the world’s top steel importer (16.2 million metric tons of steel). Canada accounted for the largest share of U.S. imports by source country at 20 percent (3.3 mmt), followed by Brazil at 12 percent (1.9 mmt), Mexico at 11 percent (1.8 mmt).
Read more in the Bloomberg article: https://www.bloomberg.com/news/articles/2018-10-01/with-nafta-sorted-focus-shifts-to-aluminum-and-steel-tariffs
Photo courtesy of UnSplash
