As USMCA deal signing nears, uncertainty on metal tariffs prevails
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The signing of the revamped trade deal between the United States, Mexico and Canada (USMCA)––which will replace the North American Free Trade Agreement (NAFTA)––will be held on November 30, in the context of the G-20 Summit that will be Buenos Aires, Argentina, Secretary of Economy Ildefonso Guajardo confirmed to Mexican media.
Both Guajardo and the Mexican ambassador to the United States, in different interviews were optimistic that the U.S. would begin lifting steel and aluminum tariffs by then, although there are no guarantees.
“I think we have some chance of achieving it. The ideal scenario is to eliminate all tariff hostilities,” Guajardo Villarreal said to state-owned Notimex. “It’s the expectation that by the time of the signing either a solution or a very clear track that gives enough certainty that a solution is coming,” Geronimo Gutierrez told McClatchy news agency.
Back in June, the Trump administration slapped tariffs on metal imports from Canada and Mexico arguing national security reasons.
Although the signing ceremony has been confirmed, legislators from the three countries still need to approve the pact so it goes into effect.