Last week, President Trump lifted steel tariffs on Canada and Mexico to improve the chances of Congress approving a renegotiated North American Free Trade Agreement (NAFTA).
President Trump withdrew tariffs of 25% and 10% duties steel and aluminum from Canada and Mexico imposed a year ago. In return, Canada and Mexico said they would lift retaliatory duties on many American goods, including farm products. In addition to withdrawing the steel and aluminum tariffs, Trump also postponed the imposition of new tariffs on imported automobiles and automobile parts.
With a Democrat-led Congress, whether the US Mexico Canada Agreement (USMCA) passes is uncertain as Congressional Democrats want changes covering the enforcement of labor rights and duration of drug companies keeping an exclusivity for their products.