Canada Intends to Remove CUSMA-Related Tariff on US
(MENAFN) Canada revealed on Friday that it intends to scrap all retaliatory duties on American products included under the Canada-US-Mexico Agreement (CUSMA), effective next month.
"The Canadian government will now match the United States by removing all of Canada's tariffs on US goods specifically covered under CUSMA," Prime Minister Mark Carney stated to journalists following a Cabinet session.
Carney explained that the policy would be implemented beginning September 1, but will not apply to levies on steel, aluminum, and vehicles.
This shift indicates that various U.S.-produced consumer items will be exempt from the 25% duties, provided they adhere to CUSMA requirements.
This agreement, which is also referred to as the US-Mexico-Canada Agreement (USMCA), ranks as the second-largest global free trade pact by trade volume.
On July 31, Donald Trump authorized a presidential directive increasing the tariff rate on Canadian imports from 25% to 35%.
The updated tariff rate was enforced on August 1, according to the White House, which accused Canada of not collaborating adequately in efforts to curb the movement of fentanyl and other illegal substances, while also retaliating against prior U.S. measures.
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