FX.co ★ Canada Cuts Tariffs on U.S., China Metals

Canada has provided tariff relief for specific steel and aluminum imports originating from the U.S. and China, aiming to aid domestic industries affected by ongoing trade tensions. Prime Minister Mark Carney is currently in dialogue with U.S. President Donald Trump, following his imposition of tariffs on Canadian metals. Simultaneously, he is in discussions with Chinese officials to alleviate duties imposed on Canadian agricultural exports. To address the economic challenges, Carney has retracted several retaliatory tariffs previously enacted on U.S. products. An amendment to the 2024 surtax remission order now permits the duty-free importation of certain Chinese steel and aluminum items not produced locally in Canada. This order became effective on October 15, with further specifics to be announced on November 5. Moreover, the Ministry of Finance has exempted certain U.S. metal imports, deemed crucial for "public health, national security, manufacturing, agriculture, and food packaging," as highlighted in an official document.