US, Canada Reach Deal On Lifting Metals Tariffs

Update: Confirming what Bloomberg reported earlier, Canada and the U.S. have agreed to end all pending WTO tariff litigation with the agreement taking effect in ‘no later than two days’.

The Loonie is extending gains...

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In a move that helps clear the way for USMCA ratification, Bloomberg reports that, according to people familiar with the matter, the U.S. is poised to lift steel and aluminum tariffs on Canada and Mexico in favor of stronger enforcement actions.

The effective date for removing the tariffs is the outstanding issue, one of the people said.

The move will lift the 25% steel and 10% aluminum tariffs the U.S. placed on the two trading neighbors almost a year ago in the name of national security.

US equities extended gains on the news (as did Canadian and Mexican stocks)...

 

And the Loonie and peso jumped...